Apple (NASDAQ: AAPL) raced out of the gate Monday and are up 5.2% as of 12:30 p.m. EDT. There appear to be at least three reasons why Apple is making this run, and two of them begin on Wall Street.
The first reason is a price target hike. This morning, RBC Capital raised its estimation of Apple stock's worth to $132 a share. That's only about 7% above where the shares trade right now, but Apple stock could continue to grow, says RBC, as its upcoming Fitness+ offering "drive[s] customer loyalty and repeat purchases" of iPads and Apple Watches and evolves into a "worthwhile competitor" in the health and wellness industry.
Second, investors are looking ahead to Apple's Hi, Speed event and product unveiling Tuesday, in which the company is expected to reveal its iPhone 12 lineup and other new products.
Source Fool.com