Apple shares soared to an all-time high on Monday ahead of the company’s Worldwide Developers Conference and CEO Tim Cook’s highly anticipated keynote in which he is expected to unveil a VR headset.
The stock must close above to $182.01 to maintain the record price that has helped drive the shares up 41% this year.
“Apple is finally set to unveil its mixed reality headset product named Reality Pro with price points in the ~$3k range running off a new operating system called xrOS. We expect WWDC to be another ‘flex the muscles moment’ for Cupertino heading into a robust product cycle into the next 6-9 months led by the anniversary iPhone 15 launch this Fall into its golden installed base,” wrote Wedbush analyst Dan Ives in a note to clients.
Ives has an outperform rating on the stock with a 12-month price target of $205 per share, which would be about a 13% increase from current levels.