Apple's stock price continued to hit an all-time high on Monday and is now up by 2%, with a market value of $1.26 trillion. Apple shares have soared this year and have risen by 77% so far.
Cleveland Research was previously optimistic about Apple's stock price rise over the next two years, thanks to strong iPhone revenue and its fast-growing wearables business.
"We have raised Apple ’s revenue expectations to reflect the strong momentum of the iPhone, services business and other products, and we continue to see the potential for further increases in Apple's stock price," the report said. Apple supply chain sources noted that the entire holiday season Sales momentum is good.
Cleveland Research gives Apple a buy rating and expects to climb another 15% by the end of fiscal 2021.
As of press time, Apple's stock was reported at $280.48, an increase of 1.94%.
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