Apple stock price surged to a new all-time high of $500 on the back of numerous positive reports related to its growth activities. Analyst’s price targets upgrades also contributed to the share price rally in the past month.

Apple’s market capitalization also crossed $2 trillion levels for the first time in history. It is the first US-based company to reach that level. The company’s valuations increased from $1.5 trillion to $2.15 trillion in just two months, thanks to sharp share price gains in the last two months. Apple market cap was around $348.8B in 2011 when Tim Cook took the helm.

Apple stock price soared almost 28% in the last month alone, extending the year to date rally to 70%. The shares of the largest tech company jumped 133% in the last twelve months.

AAPL Apple Inc. daily Stock Chart

Wedbush analyst Daniel Ives provided a price target of $515, with a bull case scenario of $600. Ives sees strong growth in forecasts for the upcoming iPhone models, claiming that Apple has a “once in a decade” opportunity in the next 12-18 months.

Wedbush analyst expects 350 million to 950 million iPhones are in the upgrade window worldwide. Cowen and Piper Sandler see strong future fundamentals for the largest tech company.

On the other hand, Morgan Stanley says almost 30% of iPhones in China are two years old, which is paving the path for a strong upgrade cycle.

“It is the largest upgrade cycle in at least 4 years and expects shipments to meaningfully accelerate in FY21,” Morgan Stanley analyst and longtime Apple bull Katy Huberty said

In addition, Apple has been aggressively expanding its services revenue, which had already reached a record level in the latest quarter. For instance, it has recently added two new radio stations, including Apple Music Hits and Apple Music Country. Apple’s services revenue came in around $13 billion in the latest quarter.