Apple Shares Move Past $700

NEW YORK ( TheStreet) -- Shares of Apple ( AAPL) moved above $700 in regular trading Tuesday, following through on strength seen in Monday's extended session.

The stock touched a new all-time high of $701.44 in morning action as investors continued to focus on robust pre-orders for the iPhone 5. Before Monday's open, Apple announced it had received 2 million pre-orders in the first 24 hours of the phone's availability this past Friday.

At last check, the shares were up 29 cents, or 0.04%, at $700.07.

Apple said Monday demand for the iPhone 5 had exceeded the initial supply, and that while the majority of pre-orders will arrive to customers on Sept. 21, many others are now scheduled for delivery in October.

On Tuesday, Sterne Agee was the latest sell-side firm to lift its price target for Apple shares, going to $840 from $820 while keeping a buy rating.

"We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle," the firm wrote, adding later: "We continue to believe iPhone 5 will put a lot of pressure on competitors where it will incrementally capture a portion of customers attracted to Android/Windows smart phones with larger screens and/or 4G LTE wireless."

Shares of Apple have appreciated nearly 73% so far in 2012 as the company has continued to innovate in product development, seen a smooth leadership transition with Tim Cook as CEO and weathered a pair of rare earnings shortfalls.

Interested in more on Apple? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

>Contact by Email.

If you liked this article you might like

Why Apple Investors May Have a Frustrating Experience

Stocks on Track for Records Even as Trump Goes After North Korea

'Free' iPhone Deals From Wireless Carriers Not as Good as They Were Last Year

Apple Is Down This Month, If You Haven't Noticed

How to Invest Like Billionaire Warren Buffett