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NEW YORK (

TheStreet

) -- Shares of

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

surged to an all-time high on Wednesday morning, hitting $428.08.

The iPhone maker, whose shares are up 25% in the past 12 months, enjoyed a lift from an RBC report that upped its price target to $525 from $500 in anticipation of the company's strong iPhone demand during the first quarter.

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Apple will announce first-quarter earnings results on Tuesday, Jan. 24. Analysts are expecting earnings per share of $9.98 and revenue of $38.65 billion.

The company is also expected to announce a push into the digital textbook space Thursday at a special event in New York City.

--Written by Olivia Oran in New York.

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