Apple Inc shares hit a record high for the first time in 17 months on Monday, ahead of an annual software developer conference, although the company's market value remained short of an all-time peak of $3 trillion.
While it is still early days, augmented reality/virtual reality could be the next main platform for Apple's growth, Morgan Stanley analyst Erik Woodring wrote in a note.
"The fact that the company is expected to be the market leading vendor in mixed-reality headsets is what could make WWDC a more significant stock catalyst this year," Woodring said. The iPhone maker's forward 12-month price-to-earnings ratio is 28.39, compared with the sector median of 12.79. Apple is among a handful of megacap firms that have underpinned a rally in stocks this year, as the sudden popularity of AI brings the focus back on technology shares following a rout last year.
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