Apple Breaks $600 Barrier, but Can't Hold It

Updated with closing share price.

CUPERTINO, Calif. ( TheStreet) -- Apple's ( AAPL) stock broke the $600 barrier shortly after market open on Thursday.

The gadget maker, which recently unveiled its new iPad, briefly hit $600.01 in early trading on Thursday, just a few weeks after reaching $500. But the shares closed at $585.56, down $4.02, and at one point had fallen to $578.55 during Thursday's session.

Boosted by insatiable demand for its products, as well as the anticipated launch of a new iPhone and a new TV offering later this year, there has been plenty of chatter that the company's stock could surge to unprecedented levels.

Apple co-founder Steve Wozniak, for example, recently predicted that the firm's stock could reach $1,000, citing the continued popularity of the company's gadgets, and their ability to work well together.

Earlier this week, Morgan Stanley analyst Katy Huberty raised her Apple price target to $720, and hiked her earnings estimates. Huberty, however, believes Apple could go to $960 a share.

--Written by James Rogers in New York.

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