Trading at all-time highs, Apple (AAPL) is up 20% for the year already. With Citi raising its price target for the stock to $160 recently, many investors believe Apple's stock will only continue climbing.

And we couldn't agree more, the more than $700 billion company is a solid long-term growth opportunity. With the iPhone's 10th anniversary, a plethora of opportunities in developing markets, strong software growth potential and prospective tax reforms, Apple's stock is in good stead.

In addition to Citi's $160 target for the stock, Guggenheim Securities has elevated Apple's price target to $180. Legendary investor, Warren Buffett revealed last month that he more than doubled his stake in the tech giant.

Clearly, the momentum is with Apple, which gained in strength since its principal rival Samsung met with a string of disasters.

Alphabet's (GOOG) (GOOGL) Google Pixel is pushing the envelope but isn't expected to drill a major hole in the iPhone's share of the smartphone market (Apple sold over 70 million phones in just one quarter).

The 10th anniversary iPhone is slated to be a massive success. Apart from its flexible display, the $1,000 phone promises a host of features, including better hardware, larger base storage, a whole set of new high-tech features such as iris and facial recognition, 3D image capturing and enhanced gaming functionalities.

Rising demand from developing markets outside of North America is going to be Apple's main revenue driver in the near future.

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