The firm increased its price target to $645 from $625. The firm had moved it to $625 from $590 after Apple released its second-quarter earnings on April 23.
Apple also announced that it would expand its share buyback program to $90 billion from $60 billion. RBC expects Apple to repurchase $44 billion worth of shares, or approximately $6 billion a quarter, through Dec. 2015. The new buyback level also hints Apple could buy an additional 50 million shares at an average price of $590 a share.
The stock was up 1% to $598.51 at 2:20 p.m.
Separately, TheStreet Ratings team rates APPLE INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."