An Apple Store In Fifth Avenue In Manhattan, New York
IN PHOTO: A customer is silhouetted while entering the Fifth Avenue Apple store shortly after doors opened for iPhone 6 sales in Manhattan, New York September 19, 2014. Apple Inc's latest phone lured throngs of gadget lovers, entrepreneurs and early adapters to its stores in New York, San Francisco and other cities around the world in the latest sign of strong initial demand for the new, larger generation of iPhones. Reuters/Adrees Latif

Apple Inc (AAPL) stock is expected to reach new heights as analysts see the company reap the benefits of an explosive holiday quarter due to the high demand for both the iPhone 6 and iPhone 6 Plus in the United States and China. Apple's stock is expected to continue the bullish trend and push key indexes like the S&P 500 to record-breaking highs.

According to the Street, Apple Inc is predicted to continue its upward trend in 2015. The company's shares have gained 45 percent in the year and 4 percent since Nov. 12. JMP Securities analyst Alex Gauna has raised his Apple stock price target from $135 to $150 due to strong demand for the company's two premium smartphones including the iPad Air 2 and iPad Mini 3.

Gauna said in a Barrons report, the iPhone 6 Plus is out of stock in China's three major carriers with long shipping dates in the country's Apple stores. JMP Securities believes there is still limited supply for the biggest iPhone but lead times remain "very strong." The high demand for Apple's bigger iPhones suggest a higher average selling price and gross margin which can mean more profit for the company.

Gauna also said the 90 percent or more of Best Buy stores in the U.S. have run out of stock for both the iPad Mini 3 and iPad Air 2. Previous reports have indicated that Apple's massive and diversified supply chain has difficulty keeping up with the high demand for current iPhones. Gauna noted that Apple suppliers revealed even that even the iPhone maker was "surprised" by the growing demand for its iPhones. JMP Securities is predicting a $67 billion revenue quarter for Apple with a 16 percent year over year growth.

Meanwhile, a recent survey has revealed that at least one in 10 iPhone owners would "very likely" buy an Apple Watch when it is released in 2015. According to Apple Insider, UBS expects Apple Inc to sell 24 million units of Apple Watch in 2015. The respondents in the survey were of an equal number drawn from the China, Italy, U.S. and UK. Out of 4,000 consumers, 10 percent said they would buy a smartwatch in the next 12 months. UBS analyst Steven Milunovich said in a note to investors that Apple's first-generation smartwatch will establish the company's long-term success in the wearables category. The high iPhone 6 and 6 Plus demand plus the market's anticipation for the Apple Watch are expected to push Apple stock higher.