An Apple Watch is shown during an Apple event at the Flint Center in Cupertino
IN PHOTO: An Apple Watch is shown during an Apple event at the Flint Center in Cupertino, California, September 9, 2014. REUTERS/Stephen Lam

Apple's stock has surged to new heights with share price reaching US$117.57 before closing last week's trading at US$116.31. Several analysts have raised their price targets for Apple stock including Morgan Stanley, Piper Jaffray and Evercore. Reports of Apple becoming a US$1 trillion-dollar company had become a hot topic in recent weeks.

Market analyst Katy Huberty wrote in a note to investors that Apple's stock price may increase as high as US$126, according to Apple insider. Her previous stock price target was US$115. The iPhone maker went past the US$115 mark last Nov. 20. Huberty believes investors may be underestimating the market demand for Apple's smartwatch that is expected to be launched in early 2015. Her price target for Apple stock is also in line with Morgan Stanley's bullish projection of Apple shares reaching US$150.

The analyst predicts the Apple Watch to generate strong sales following its launch like Apple's iPhone and iPad when they were first released. She expects 10 percent of Apple's iPhone customers to buy an Apple Watch. Huberty's calculations indicate that Apple will sell 30 million Apple Watches in 2015. Her estimate of Apple Watch sales remains on the conservative side because she believes the wearable device market will become the fastest growing category in the future.

Aside from Morgan Stanley, Piper Jaffray and Evercore both set a price target of US$135 for Apple stock. Earlier in the month, UBS also raised its price target to US$125. While many analysts have revised their earlier price estimates because of Apple's stellar performance in the September quarter, Wells Fargo Securities has yet to raise its price target. Its rating of Apple stock remains at "market perform." Apple shares have increased 58 percent in the last 12 months, reports said.

With a market capitalisation of US$680 billion, analysts predict Apple to be the first company to reach a US$1 trillion market cap, which is more than Amazon, Microsoft, Twitter and Netflix combined, Forbes reports. When Reuters asked if Apple could reach US$1 trillion in 201, Alexander Alternative Capital's Michael Corcelli said the company would "absolutely, without a doubt" achieve it. Analysts expect the holiday quarter to be another record-breaking one for Apple with updated sales of the iPhone 6 and iPhone 6 Plus.

Meanwhile, holiday shoppers looking to buy the iPhone 6 Plus will be happy to know that Apple is reportedly catching up to market demand. From a ship date of 3 to 4 weeks, 9to5Mac notes that iPhone 6 Plus units, especially the 16GB units, are available for same-day pick-up in some Apple Stores in the U.S.