Apple Stock Spikes To Record High After Analyst Predicts $200 Price

Just hours After a UBS analyst said in a note to investors Apple might be able to hit a $200 stock price, shares of the Cupertino company jumped to break another record on Tuesday.

The analyst, Steven Milunovich, predicted a scenario that would boost Apple’s stock by 40 percent by 2019, according to a Tuesday Business Insider report.

"For Apple to hit $200, iPhone needs to continue to grow beyond F18, new product categories must be established, and buybacks should exceed $50bn per year, boosting the P/E to 17x," Milunovich wrote.

Read: Apple Worker Conditions Detailed In Sustainability Report

Milunovich said the $200 stock price could be achieved if everything goes well for Apple in the next few years. He also predicted a separate, most likely scenario in which the company's stock price would be $175 in two or three years.

Apple’s stock spiked from a day low of $140.62 to a high of $144.04, according to MarketWatch. That breaks Apple’s previous record-breaking close of $141.46, which happened on March 20. Tuesday’s record also surpassed the previous record intraday high of $142.80, reached on March 21, the day Apple introduced the all RED Special Edition iPhone 7 and 7 Plus, two new iPhone SE models and the new 9.7-inch iPad.

Read: iPhone 8 Will Have Hybrid Lightning-USB port, Apple Watch 3 Could Have LTE: Analyst

Apple still has more products to release this year, including the much-anticipated 10th anniversary iPhone expected this September. The iPhone 8 (iPhone X) is rumored to have numerous new features, including an embedded fingerprint sensor, OLED display screen and a 3D-sensing front camera. The 10th anniversary iPhone could cost up to $1,000, reports say.

Apple is also expected to release two LCD display phones alongside the iPhone 8.