Why Jim Lebenthal Thinks Apple Stock Is Headed To $175 This Year

After a slow start to the year, Apple Inc AAPL made a new all-time high in Friday's trading session. 
When Apple sets a new high, the stock usually rides the momentum and goes a lot higher, Cerity Partners' Jim Lebenthal said on CNBC's "Fast Money Halftime Report."

The one exception to this was when Apple pulled back at the beginning of the year after making a new high, Lebenthal noted. He believes that instance was an aberration.

Related Link: Apple's Stock Hits New All-Time High: What's Next?

When Apple was in the $120 range in March, Lebenthal said he had a $150 price target on the stock. Apple is going to hit $150 this month, he said, adding that he now believes Apple will reach $175 before the end of 2021. 

Price Action: Apple is up 9.27% year-to-date. The stock last closed at $145.11.

Photo: courtesy of Apple.