Apple Tops $700 Billion Market Cap

Apple Inc. AAPL shares surged higher Tuesday morning and flirted with the $120 level as the company's market capitalization exceeded $700 billion.

The movement in the stock came amid recent reports from analysts which suggest Apple may see continued growth and as investor Carl Icahn contined to be bullish on the company.

Stifel also raised its price target Tuesday on Apple as it anticipated revenue from the new Apple Watch.  The firm modeled "$13.1B of incremental Watch revenue in C2016 with 27.8M units shipped in C2016.

The firm also increased its "F2015 and F2016 revenue and EPS estimates from $213.3B/$7.69 and $242.2B/$8.88 to $218.9B/$7.85 and $253.3B/$9.22, respectively.”