Apple’s stock hit a new high on Friday after a four-month swoon, as investors looked ahead to the release of a new iPhone and possibly a smaller iPad.

Already the world’s most valuable company, Apple Inc. saw its stock hit $648.19 just before closing, before retreating to $648.11. That was up $11.77, or 1.9 per cent, from Thursday’s close.

The previous high for the stock was $644, hit on April 10. Apple has a market value of about $608 billion, almost 50 per cent higher than No. 2 Exxon Mobil Corp. at $408 billion.

Apple’s stock fell last month after the company’s earnings report for the April-June quarter showed the slowest growth in more than two years. It was only the second time in ten years that Apple had missed analyst expectations.

Jefferies & Co. analyst Peter Misek raised his price target on the stock to $900 from $800 on Friday. — AP