Can Apple chart its way beyond the $700 mark? Peter Misek, Jefferies analyst, explains why he has a "buy" rating on the stock and $900 price target.
By Roland Jones, NBC News
Shares of Apple moved above $700 for the first time ever Tuesday morning, boosted by a strong reception for the latest version of its popular iPhone -- the thinnest version of the smartphone that brings in the majority of Apple's profit and has helped it become the most valuable company in the world.
Demand for the new iPhone 5 is exceeding initial supply, according to reports. Apple said it booked 2 million orders in one day and pushed the delivery date for some pre-orders to next month.
Apple?s stock price has risen steadily over the past four months in anticipation of the new iPhone. The shares?are now up 33 percent since hitting a recent closing low on May 17.
Some analysts think Apple can go even higher.
Eric Jackson, an analyst at Ironfire Capital, sees Apple?s stock price rising to $1,650 a share by the end of 2015.
Jackson told CNBC recently that his outlook is based on Apple?s current products selling well and the company bringing out new products in the future that ?will be even more exciting and lead the stock even higher.?
Apple?s stock has soared past a number of milestones in recent months.
Shares of the technology giant hit the $600 mark for the first time ahead of the mid-March release of the new iPad, having closed above $500 for the first time on Feb. 13. Just before Christmas, on Dec. 23, Apple closed above $400 for the first time.
Reuters contributed to this report.
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