Apple Hits All-Time High

Shares of Apple are trading at an all-time high and making their way towards $400 a share following a price target hike from UBS.

$400: UBS upped its price target to $400 from $325 and maintained its BUY rating. “Our supply chain work and UBS' Asia team's procurement model suggests June may be tracking better as strong iPhone  SE2 is more than offsetting channel bleed for older models ahead of builds for Fall launch, so we increased our June iPhone estimate from 30 million to 34 million units.” Analyst Timothy Arcuri also said he expects Wearables demand to bounce back strongly after COVID-19 as consumer discretionary spend shifts to technology.

New chip giant in Cupertino: Apple is reinventing itself into a chip designer, opposed to relying on third-party players. The company announced Monday it plans to ship Macs later this year with custom chips, ending a 15-year chip partnership with Intel. The iPhone maker said the custom-designed chips are more efficient and offer higher-performance graphics. UBS points out that the move “is a continuation  of  its  strategy of vertical integration following years of convergence in its mobile and MacOS.”