iPhone 5 Dominates: Tech Weekly

NEW YORK ( TheStreet) -- Another week has come and gone, and Apple ( AAPL) is the talk of the town, as the iPhone 5 officially went on sale, amid exceptionally strong demand.

On Monday, Apple announced that iPhone 5 pre-orders had set a new record. The Cupertino, Calif.-based tech giant sold more than 2 million units in its first 24 hours.

Phil Schiller, Apple's senior vice president of worldwide marketing, was ecstatic. "iPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal," he said, in a press release. "iPhone 5 is the best iPhone yet, the most beautiful product we've ever made, and we hope customers love it as much as we do."

That same day, AT&T ( T) also confirmed record iPhone sales, as customers ordered more iPhones than any previous model during the first days of pre-ordering.

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Amid all the iPhone 5 hype, Apple's stock moved past the $700 mark Tuesday, as investors continued to flock to shares like ants at a picnic.

Several analysts raised their Apple price targets this week, with some seeing as much as 20% upside in shares. One especially bullish analyst was Shaw Wu of Sterne Agee, who raised his price target 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," he 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."

Wednesday saw the public release of Apple's new mobile operating system, iOS 6.

Included in the new operating system are Passbook, an app for storing coupons, tickets and gift cards, and Apple Maps, which replaces Google ( GOOG) Maps. Everyone's favorite voice navigation assistant, Siri, also received several updates.

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