At new highs, Apple only starting to ripen: Analysts

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Apple is on a record-breaking streak. And the rally doesn't look like it's going to slow anytime soon, some analysts said.

And with the stock creeping up, analysts are again whispering it might become the world's first trillion- dollar company.

"After fading a bit from focus ... I think we can start to have that trillion-dollar discussion again," said Alex Gauna, an analyst at JMP Securities.

The iPhone maker broke two of its own records on Thursday. Its stock price closed at an all-time high on at $112.82 and its market cap soared to a whopping $666.1 billion.

And with soaring iPhone sales, new products in the pipeline and a growing presence in new markets, some analysts said the stock could still have a ways to go.

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"We think the current trajectory in the stock is the right one based on the success we are seeing for the iPhone," Gauna, who has a 'market outperform' rating on the stock, said.

"We think Apple is attractive and we value it at $135 and that is basically just giving Apple the market multiple on forward estimates because it is outgrowing the market, and we think there is potential for upside going forward."

Gauna said that growth in the near term will be driven in large part by growth in China, which he said has the potential to be three to four times as large of market as the U.S.

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However, he cautioned gross margins could pose a threat if Apple can't maintain premium pricing for its handsets in developing countries and if the cost of component parts significantly increases.

"This stock is coming from such a depressed valuation level. So it has a lot of makeup to do," said Brian White, an analyst of Cantor Fitzgerald.

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"I think people got overly negative is the point, they got overly negative at the bottom. The stock was very, very inexpensive. There was a lot of fears around competitors eating into their share," White said.

However, the launch of the iPhone 6, which addressed consumers' desire for a larger smartphone, and the launch of a new product, the Apple Watch, the company is now moving out of this depressed valuation, White said.

So perhaps it is time to revisit the conversation about it becoming the first trillion-dollar market cap company, he added

"When you look at our price target right now, we are at $143 so that gives it a market cap of over $800 billion, so we will have to see, but I think the trajectory has been very good," White, who has a 'buy' rating on the stock, said.

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"So we'll have to monitor how the performance is. We have [a price target] at over $800 billion and it's already the largest company in the world. Whatever ends up happening, it's getting closer and closer by the day. I think that's very clear."