Apple stock just got a major upgrade from Goldman Sachs (it's very confident about the iPhone 8)

Lynsey Barber
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Apple investors will be pleased with Goldman Sachs' outlook (Source: Getty)

Apple's stock has closed at an all-time high after Goldman Sachs has upped its price target for the tech giant, indicating confidence in the company's upcoming 10th anniversary iPhone.

Apple's shares closed 0.89 per cent higher at $133.29 a share.

Goldman Sachs predicts Apple's share price could hit $150 over the next 12 months, up from previous estimates of $133.

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The upgrade is a significant seal of approval for Apple, which has struggled to retain its pioneering reputation amid smartphone saturation and a stalling of innovative and fewer groundbreaking features across the market.

The tech giant has retained its position as the most coveted brand but sales and profits last year slipped. However, it returned to its record breaking ways last month, selling 78.3m iPhones over the holiday period, smashing analyst estimates, signalling a return to form.

And Goldman thinks that form will continue and innovation will make a comeback, saying it expects what's likely to be the iPhone 8 a "significant step-up" compared to its previous two models, the iPhone SE and iPhones 7 and 7 Plus, even if the latter did break records.

Read more: Apple of my iPhone: Records tumble as quarterly revenue sets all-time high

In an analyst note Goldman said it expects the device to have 3D sensing technology which is crucial to augmented reality.

Apple shares were up more than one per cent in early trading to $133.53 at the time of publication, closing in on all-time high territory of $134.54 seen in April 2015.

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