Apple stock approaches record high

Apple plans to produce in India

Apple plans to produce in India

Apple has found its groove again.

The iPhone manufacturer's stock was trading at $ 133.82 early in the day, less than $ 1 below its daily high of $ 134.54 in April 2015. Apple's stock ended the day at $ 133.29, beating February's record closing price of $ 133 in 2015.

The stock fluctuates, depresses Apple (AAPL) With a market capitalization of $ 700 billion, there is renewed optimism for the iPhone.

Goldman Sachs raised its share price target on Monday. According to CNNMoney, "important new features" such as "3D sensors" could be added to the next iPhone model.

Apple's record high was set six months after the release of the revamped iPhone 6 and 6 Plus, triggering what CEO Tim Cook called "the mother of all upgrades."

Since then, however, Apple has defied the tradition of overhauling the iPhone every two years. The latest models on the market look almost identical to the iPhones that will be available in late 2014.

The long wait in connection with the tenth anniversary of the iPhone has only raised expectations that Apple will fundamentally revise its smartphone and revive demand.

Related: Tim Cook: "Apple wouldn't exist without immigration"

Apple's annual sales fell in 2016 for the first time since 2001, as iPhone sales, which still make up the majority of the business, decreased in three consecutive quarters.

Apple even cut its CEO's salary by 15% because the company failed to meet its revenue and profit performance targets.

But this losing streak was just ending.

Apple's sales started to grow again in December, which was due to increased demand for the iPhone – especially the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhones in the quarter, setting a new record. At least part of it could be due to the recall problems of the Samsung smartphone.

Mark Moskowitz, an analyst at William Blair, wrote in an investor note this month: "Samsung's grade 7 battles have probably helped."

The iPhone isn't the only reason Wall Street is thrilled by Apple. There is also President Trump.

Despite the conflict between Trump and Apple during the campaign, investors are optimistic that Apple will benefit from at least one Trump proposal: lower taxes on cash that US companies bring back from their overseas accounts.

Apple currently has $ 230 billion in cash held in foreign accounts. If Trump and Congress made it cheaper for Apple to bring this money back, it could be used for acquisitions and buybacks.

CNNMoney (New York) First published on February 13, 2017: 12:24 p.m. ET