Apple shares closed at a record high less than a month before the rumored launch of the iPhone 6 in a few weeks.
The company's stock price closed at $100.53. Apple's stock market surge marks the first time that the company has reached $100 per share since its stock split last June.
Before the seven-for-one split of the company's stock, its shares reached as high as $705 in September 2012. In April of the following year, its stock dipped to a low of $55.
"It probably should have never gone as low as it did in the first place. Investors started worrying Apple had lost all momentum," said Rob Cihra, an analyst at Evercore Partners told CNN Money.
When calculating the company's share price with the stock split taken into account, its highest stock price ever comes out at $100.72. The company reached its record high on September 21, 2012. Apple came close to reaching that level once again on Tuesday. The company's stock reached an intraday high of $100.68.
Apple's share price surge comes after the release of a report from Morgan Stanley analyst Katy Huberty. In her report, Huberty urged investors to purchase the company's shares ahead of what she predicts will be a very profitable fall. She based her forecast on Apple's upcoming product cycle, which includes two new iPhone models and a wrist-worn iWatch.
"Apple ownership, measured as its average weighting in the portfolios of the top 100 holders, peaked at 4.5% in the September 2012 quarter, and then troughed at 1.9% in the June 2013 quarter," Huberty said.
"We see room for investors, particularly managers of large long-only funds, to increase their Apple positions."
The record high comes ahead of an Apple event scheduled for September 9. During the event, the company is expected to announce the iPhone 6 and its new iOS 8 operating system. According to previous rumors, Apple was set to announce just one variant of the new smartphone at the event. Later on, the rumors were revised, with the company said to unveil the 4.7-inch and 5.5-inch variants of its new device. Next month, the company is also rumored to unveil a new iWatch, along with OS X Yosemite and the its new line of Macs and iPads.
