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Don't look now, but Apple is approaching a major milestone

Apple is hitting all-time highs, and the tech giant's market cap is quickly approaching a major milestone. In fact, based on Monday's closing price, Apple shares only need to gain a dollar for the company's market capitalization to rise to $700 billion.

Given the stock has gained 57 percent year to date, a break above the $700 billion mark should seem easy for Apple to do. What's more, a large majority of analysts are bullish on the stock. According to data compiled by FactSet, three-quarters of analysts following the company have a "buy" rating on Apple.

However, not everyone is on board the Apple train. Pacific Crest analyst Andrew Hargreaves rates the stock a "hold." Hargreaves estimates the stock's 12-month fair value to be just $96.

"The trouble spot that we continue to see is the potential lack of growth in iPhones beyond the '6' cycle," he said. "We don't think that either the [anticipated] watch or Apple Pay or any other products can replace the hole that creates in your growth profile."

But the technicals are more bullish, according to the chart work of Todd Gordon, founder of TradingAnalysis.com.

Gordon sees Apple's long-term chart as moving in an upward-sloping trading range.

"Looking at the current rate of ascent, it should be around $125," he said. "We have a little bit further to go before we've technically met resistance."

In the shorter term, the stock may come back closer to a $110 support level which had previously served as resistance, he predicts. "I'd like to try a little closer to that," said Gordon, a CNBC contributor. "That broken resistance now serves as support on the way to that $125 level."

Still, Hargreaves refuses to share Gordon's enthusiasm.

"We don't see massive risk there," Hargreaves said. "But we don't expect them to go higher, either."

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