Despite some recent volatility, Apple's (AAPL) stock has notched one stellar year so far.
Shares of the tech king have soared 27% year to date, trouncing the Nasdaq Composite's 15% gain.
Here are the six biggest reasons why Apple's stock could easily stay on fire longer term.
Editors' pick: Originally published June 19.
About 92% of iPhone owners say they are "somewhat likely or "extremely likely" to upgrade their smartphone in the next 12 months, according to new research from Morgan Stanley. The loyalty rate is up sharply from 86% one year ago.
Driving this is none other than the iPhone 8's rumored new features such as wireless charging, an edge-to-edge screen and the removal of the home button.
Apple's smart speaker the Homepod has largely been dismissed as a potentially big seller when it goes on sale later this year.
In a recent survey of more than 2,200 adults, Morning Consult uncovered that 55% of respondents aren't keen on buying Apple's HomePod.
But with Apple's well-known quality in play on the Homepod, and the growing market for smart speakers, the device could rack up a nice chunk of business in the 12 months after its launch.
Love him or hate him, President Trump is likely to get something done on the tax front within the next year. And that could prove to be a big boost to Apple.
"Our analysis shows a reduction in the U.S. tax rate will drive a 6% benefit to [Apple's] EPS while a cash repatriation holiday and share buyback could drive an incremental 10% EPS benefit (assuming 25% of repatriated cash used for stock buyback)," Citi analysts wrote on the impact on Apple from Trump slashing the corporate tax rate to 15% from 35%.
Services is already Apple's second largest business, with total sales of about $24.3 billion in 2016, compared to the iPhone's $136.7 billion that same year. The unit has seen double-digit percentage revenue growth for the past eight quarters, according to FactSet.
With the iPhone 8 likely to be a hot seller, Apple could see an accelerated pace of services revenue.
Apple CEO Tim Cook recently got everyone abuzz by admitting the company is working on autonomous car technology.
It's unlikely Apple will divulge anything on a mass scale within the next 12 months. But, just the fact it's working on the technology will keep Wall Street intrigued on what might be in the not so distant future.
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With a new state of the art headquarters in California just about fully functional and efforts underway to expand into driver-less cars, Apple could continue to attract the very best tech talent around to keep its business humming.
Apple CEO Tim Cook is already getting out the word for the next generation of Apple workers.
Cook reportedly told President Trump at a meeting on Monday that computer programming should be a mandatory subject in the country's schools.
Apple is reportedly in talks with hospitals and other healthcare organizations to bring healthcare records to iPhones. Doing this could trigger a wave of people switching from competing smartphones so they can see their medical information.
Apple's shares rose 0.9% to $146.89 on Friday afternoon.