Shares of Apple rose to a new all-time high, likely due to continued excitement surrounding the iPhone, analysts, quoted by an Associated Press report said.
Apple shares added $3.75, or 2.9%, to $130.91 in afternoon trading, the Associated Press report said.
Earlier, the company's shares gained as much as $4.58, or 3.6%, to a new high of $131.75, the report added.
In phone interviews, analysts Trip Chowdhry and Shaw Wu of Global Equities Research and American Technology Research, respectively, said the iPhone's strong June 29 launch is helping the company's stock.
'I think the reason why Apple is probably getting stronger is because the initial reaction from the users has been very positive,' Chowdhry was quoted as saying, who holds an 'Overweight' rating and $150 price target for the stock.
He thinks Apple has sold about 500,000 iPhones so far.
The report also quoted Wu as saying that the product is doing 'tremendously well' thus far. He said Apple and AT&T stores received new shipments of the product before July 4, sometimes as often as twice daily, 'and they're all sold out.'
Most of the initial problems he heard consumers are having with the product, such as glitches with service from the iPhone's exclusive service provider, AT&T, have been resolved, Chowdhry said.
The analyst also said he surveyed users of Research In Motion's BlackBerry who have purchased iPhones and some said they would switch to just using the iPhone if it supported their companies' business email platforms, the report said.