Shares of hit a new all-time intraday high of $136.75 on Tuesday, extending recent gains into record territory after nearly two years without a new high.
The stock ended the day at $136.70, about 0.7 percent higher.
Apple set a closing record of $135.72 a share Friday. Earlier last week, the iPhone maker's stock surpassed a prior record set in April 2015 of $134.54 a share.
Tuesday's gains come after Morgan Stanley on Tuesday reiterated its "overweight" rating on the stock, citing the iPhone as a driver for sales and earnings later this year. The firm raised its Apple price target to $154 a share from $150, a 13.5 percent upside from Friday's close. U.S. markets were closed Monday for Presidents Day.
Shares of Apple are up 18 percent for the year so far, versus the S&P 500's roughly 5.5 percent gain over that time.
, , and Facebook have hit all-time intraday highs this year.
—CNBC's Anita Balakrishnan contributed to this report.