Apple is on fire.

Apple Inc. (AAPL - Get Report) investors should be cheering right now.

Shares of Apple hit an all-time high on Friday, June 1 of $190. The gain comes amid a bullish note out of UBS. 

The market cap of the tech giant was nearly $933 billion. The last time Apple hit a high was in early March when shares topped $180.

Apple's story is changing and investors should take notice, said a note from UBS. 

UBS analyst Steven Milunovich raised his price target on the world's most valuable company to $210 from $190 because he sees the narrative around the company changing beyond just that it is a company that makes the iPhone.While the iPhone is by far the company's most popular and valuable product, Milunovich said he believes Apple's other hardware products and higher-margin service offerings have room for growth.

Apple is a holding in Jim Cramer's Action Alerts PLUS member club.