Apple’s inventory is approaching excessive file

Apple has found its groove.

The iPhone maker’s inventory hit $133.82 in early buying and selling on Monday, putting Apple within $1 of its high intraday trading of $134.54, reached in April 2015. Apple’s inventory ended the day at $133.29, beating its previous record close value of $133, set in February 2015.

Soaring stocks, pushing Apple (AAPL) at a market capitalization of $700 billion, comes amid renewed optimism for the iPhone.

Goldman Sachs raised its value target for the inventory on Monday, citing the possibility of “major new features” like “3D sensing” being added to the next iPhone model, according to an investor note provided to CNNMoney.

Apple’s previous excess was set six months after the launch of the redesigned iPhone 6 and 6 Plus, kicking off CEO Tim Cook’s dinner describe because the “mom of all updates”.

Since then, however, Apple has backed away from its custom of overhauling the iPhone every 12 months. The newest fashions on the market right now practically look like the iPhones available in late 2014.

The long wait, mixed with these 12 months marking the iPhone tenth anniversaryhas only raised expectations that Apple is about to significantly revamp its smartphone and revive demand.

Related: Tim Cook: ‘Apple Wouldn’t Exist Without Immigration’

Apples annual sales fell in fiscal 2016 for the first time since 2001, iPhone sales, which still make up the vast majority of its business, have fallen for three consecutive quarters.

same apple reduce the salary of its CEO by 15% due to the company’s inability to meet its efficiency targets for each gross sales and revenue.

However, this losing streak simply ended.

Apple Sales started to rise again in the December quarter, driven by stronger demand for the iPhone – especially the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhones for the quarter, setting a new record. No less than a few of them could be due to Samsung smartphone recall issues.

Mark Moskowitz, analyst at William Blair, wrote in an investor note this month: “Samsung’s struggles with the Avis 7 probably helped.”

The iPhone isn’t the only reason Wall Road is happy with Apple. There is also President Trump.

Regardless of Trump in conflict with Apple During the campaign, traders are actually optimistic that Apple will benefit from at least one Trump proposal: lower taxes on the money American companies bring in from their overseas accounts.

Apple currently has $230 billion in cash held in foreign accounts. If Trump and Congress make it cheaper for Apple to transport that money again, it could eventually be used for acquisitions and buyouts.

CNN Money (New York) First revealed February 13, 2017: 12:24 PM ET

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