Apple (AAPL Quick QuoteAAPL - Free Report) stock hit another new high on Friday as it continues 2020 on the impressive hot streak it went on last year. The iPhone giant’s shares have soared over 100% in the last 12 months, while the S&P 500 is up just 25%.

AAPL stock has also crushed all of its so-called FAANG peers, with Facebook’s 53% growth the next closest, with Amazon (AMZN Quick QuoteAMZN - Free Report) up only 15%. Apple’s 12-month surge came despite the fact that its full-year fiscal 2019 sales slipped 2%. However, this downturn came against a hard to compare 2018, along with slowing iPhone sales and a downturn in China.

But AAPL’s non-iPhone business, from wearables to services, picked up the slack. AirPods, Apple Music, and its new Netflix (NFLX Quick QuoteNFLX - Free Report) challenger Apple TV+ are projected to help the firm grow going forward, as Apple continues to try to generate more revenue from its roughly 1 billion active devices.

Looking ahead, our Zacks estimates call for Apple’s fiscal 2020 sales to climb 5.8% to $275 billion, driven by 16% services expansion. Then, Apple’s fiscal 2021 sales are expected to surge another 8% above our current-year estimate to over $297 billion.

At the bottom end of the income statement, AAPL’s adjusted earnings are projected to jump 10% in 2020 and another 16% in 2021.

Apple stock is currently a Zacks Rank #2 (Buy) and the phase-one U.S.-China trade deal has given investors and Wall Street more confidence. On top of all of that, Apple executives have been pleased with the early success of its new iPhone 11 models and analysts project Apple will introduce its most updated iPhone in years during the fall of 2020.

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