Apple shares hit record high as optimism builds over iPhone 8

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An all-time high on the shares of Apple was observed on Tuesday after IDC, a research firm, unveiled bullish estimates the highly anticipated new iPhone.

It is expected by IDC that the shipment of the iPhone will increase by 9.1% next year after the new iPhone models are made available in the market. IDC said that this would be the largest growth in shipment since 2015.

The tech giant’ stock traded about 0.6 percent higher, valued at $162.54 per share. It also made a record high of $162.85 and helped raise the tech-heavy Nasdaq composite.

After tensions between the North Korea and the United States reignited, the Nasdaq decreased for as much as 0.86% on Tuesday morning. North fired a missile that flew over Japan early in the morning of Tuesday (local time).

Advancing 40% this year, Apple’s stock has outperformed the broader stock market easily. Meanwhile, the S&P 500 has gained 9%.

But according to T. Michael Walkley, Canaccord Genuit analyst, the stock may still have more room to run higher. In a noted from August 22, Walkley stated that “to drive record earnings,” he expects that the iPhone users will have a strong interest to upgrade the current phones next year.

This year, the number of existing users is more than 635 million, and they are anticipated to “drive strong iPhone replacement sales and earnings,” Walkley said.”Our surveys indicate strong consumer interest in, and anticipation for new iPhones anticipated to launch in September.”