Apple shares climb on Wall Street upgrade 

Apple shares were trading on Monday at just below $193 each at one stage, after Morgan Stanley raised its target price for the shares. 

Apple shares rose 1%, adding further billions to its stock market valuation, following gains of almost 50% since the start of the year on the back of a major upgrade by a Wall Street bank.  

Apple shares were trading on Monday at just below $193 each at one stage, after Morgan Stanley raised its target price for the shares. 

The upgrade comes as the iPhone maker will be among the clutch of big tech firms that will be reporting their latest quarterly earnings in the coming weeks. 

The tech giants, including Tesla and Netflix as well as a slew of banks, will be the first to report earnings this week. They have had a surprisingly good run this year despite global central banks sanctioning hefty interest rate increases designed to rein in consumer and business spending as they fight to control inflation. 

The rise in Apple shares has helped push its valuation further beyond the $3 trillion level. 

“Traders looking for a catalysts to drive movement will be spoiled for choice from tomorrow, thanks to more earnings from the banking sector," said Chris Beauchamp, chief market analyst at online broker IG.

"Equity markets have come a long way over the past half year, and the optimists are hoping for a solid earnings season all round, this being their best bet for a continuation of the gains in stocks seen so far this year.”