Analysis of Apple's trading history shows it has more 'room to run,' Bank of America says

Apple CEO Tim Cook arrives for Apples "The Morning Show" global premiere at Lincoln Center- David Geffen Hall on October 28, 2019 in New York.
Angela Weiss | AFP | Getty Images

Bank of America sees Apple shares climbing even further in the next year, as the coming launch of a 5G-enabled iPhone is projected to begin a new period of strong sales for the tech giant.

Shares of Apple are up 63% this year as of Tuesday's close of $257.13.

Bank of America has a buy rating on Apple's stock with a $270 price target.