Apple’s shares hit record after 16% surge in December sends it past Amazon

Apple Inc. shares rallied to an intraday record on Tuesday, continuing a year-end surge that’s cemented its lead over Amazon.com Inc. as 2020’s best-performing of the largest technology stocks.

Apple has advanced 16% in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts. The gains propelled Apple past Amazon with an 87% rally in 2020 compared to Amazon’s 79% increase. The S&P 500 is up 16% this year.

Wall Street has grown increasingly bullish on Apple’s prospects in the coming year with analysts projecting that a recovering economy will fuel even more demand for iPhones, wearables such as Airpods and services. Apple’s revenue growth is expected to increase to 15% in fiscal 2021 from 6% in 2020, and profit growth is projected to double to 20%, according to data compiled by Bloomberg.