Shares of Apple (AAPL) hit a new 52-week high Friday, surpassing their previous high of $107.34 set on Oct. 29. That’s a 52.23% rise, or $36.83 per share from the 52-week low of $70.51 set on Jan. 31, 2014.
The iphone maker’s stock closed at $108 at the end of Friday’s Nas session, printing a solid one-year return of about 48%, and year-to-date return of around 37%, outperforming the S&P 500 by 33.44% and 22.44% respectively. The average volume of shares traded over the last three months was roughly 46M. Following the stock’s new all time high — Apple’s current $633.40B market cap makes it by far the world’s most valuable company — OptionMonster’s Pete Najarian said ticker has what it needs to continue printing higher highs.
“I think it’s going to $110,” he said. “I’ve said it for a long time, and now I’m starting to shift and think it’s going even higher because the stock has already moved off of this record launch that they had of this iPhone, when you look at the 6 and 6 Plus, internationally now 60% of their revenue drawn from that aspect of it as well.”
On CNBC’s “Fast Money,” Najarian also noted that Cupertino was “stealing back” some market share in the smartphone space.
“There’s a lot of reasons right now I think you can like Apple,” he said. “And I think when you really get through the holiday season, this stock’s not going to go to $110. I think we see $120.”