Apple Hit $600, Now Raise the Target

NEW YORK (TheStreet) -- Since the company reported fiscal second-quarter results April 23, Apple (AAPL) stock has been on tear, soaring almost 15% to Monday's close at $600.96.

There's a lot of speculation about why Apple has now achieved its highest level in almost two years. We know about the company's strong earnings reports, which included a solid beat on every metric outside of the iPad.

Recall, Apple's earnings rose 7% year over year to $10.2 billion. Aside from beating earnings estimates by 14%, Apple's revenue climbed 5% year over year to $45.6 billion, which also topped estimates by 5%. Perhaps more impressively, Apple was able to erase notions of slumping sales in its flagship iPhone device. Apple exceeded estimates by 13%, reaching 43.7 million units. Analysts were modeling for only 38.5 million.

These numbers were nothing short of impressive. Now that they've brought Apple to that psychological threshold of $600, investors want assurances that CEO Tim Cook, who has come under fire lately, will do everything in his power to push Apple beyond $600. This is where Cook, who has promised that Apple will enter new product categories, is beginning to take shape.

Aside from announcing an unusual 7-for-1 stock split, Apple didn't unveil any new products during the earnings report. But that doesn't mean they're not on the way. While we continue to hear rumors about an iWatch and a possible iTV, there hasn't been any evidence to suggest that Apple has been working on these products -- until now.

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