Apple's (AAPL, Financial) stock surged as much as 2.7%, marking its first record high since July. This rise continues a recent upward trend, with shares climbing 14% from their August low. The boost comes after the launch of a new iPad mini featuring Apple Intelligence, an advanced artificial intelligence capability.
Apple also received a "Tactical Outperform" rating from Evercore ISI. Melius Research expressed optimism about the stock, citing an "unprecedented buyback" and noting that growth is accelerating. Analyst Ben Reitzes forecasts a long multi-year cycle for the iPhone, contributing to the positive outlook.
