Apple APPL shares touched an all-time high on Tuesday and reclaimed $5 trillion market capitalization as the iPhone maker unveiled a range of new devices in its latest push to expand its presence in the smart home market.
The stock hit $347.78 in early trading and was up around 1.5% at 10:20 AM EST, trading at $346.29. The gains came even as the broader market remained largely flat in early trading.
Apple launches HomeView
Apple unveiled multiple devices on Tuesday, led by the new HomeView, a seven-inch device designed to serve as a central control hub for smart homes.
The iPad-like device features a Retina display and has no physical buttons. It can be mounted on a wall or placed on a counter, allowing users to control connected devices such as doorbells, thermostats and smart locks.
HomeView can recognize up to six people and provide a personalized experience for each user. Integrated with Apple’s Siri AI assistant, the device can also check calendars, set reminders and handle other everyday tasks tailored to individual users.
The device is priced at $299, with sales scheduled to begin November 13.
HomePod mini 2 and Apple TV 4K unveiled
Apple also introduced the HomePod mini 2, an updated version of its smart speaker featuring Siri AI integration. The device comes in new colors and is priced at $149.
Another addition to the lineup is the $299 Apple TV 4K, which Apple says will deliver an immersive entertainment experience with enhanced sound.
The new device also allows users to control it directly through voice commands rather than relying solely on a remote. It includes a feature to help users locate the remote if they misplace it.
Apple also announced accessories, including doorbells, cameras and thermostats made by LG and Schneider Electric with Apple’s assistance.
Apple has been trying to establish a stronger position in the smart home market for years, following the release of its first smart home gadget in 2016. The latest lineup signals another effort to build a more comprehensive offering and compete with established players, including Amazon.
Analysts remain bullish on Apple
The product announcements come as investors continue to assess concerns about demand for Apple’s latest smartphones.
Questions had emerged over demand for the iPhone 18 Pro models after a report said Apple had asked some component suppliers to cut production orders. However, JP Morgan said the reported reductions were consistent with the production adjustments Apple typically makes each year.
JP Morgan raised its price target on Apple to $360 from $340 while maintaining its Overweight rating.
Bank of America analyst Wamsi Mohan also maintained a bullish stance ahead of the product announcements, reiterating his Buy rating and $370 price target.
Apple received additional support from Evercore ISI analyst Amit Daryanani, who maintained a Buy rating in a report issued October 9. UBS, however, maintained a Hold rating on October 6.
Despite the positive analyst calls, supply constraints and broader economic pressures remain potential concerns for consumer demand.
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