Apple hits new market cap record high of $667 billion

Shares in technology giant Apple extended gains on Friday, propelling the company's market capitalisation to an all-time high of $667 billion.

Over the past four weeks, the stock has rallied from $95 a share to $113, soaring above the psychologically important threshold of $100. The previous market cap record was set at $658 billion in 2012.

Apple stock is riding a wave of optimism on the back of strong iPhone 6 and iPhone 6 Plus sales as well as its new line of products and services.

The Cupertino giant recently launched Apple Pay, a digital wallet which allows users to make payments using Apple devices, and has refreshed almost its entire product line culminating with the Apple Watch, which will go on sale in early 2015.

On Monday, UBS raised the price target on Apple shares to $125 to $115 citing a survey which found strong demand for the iPhone 6 in China and a high retention rate. The UBS survey also showed 70 per cent of iPhone users intent to use Apple Pay.

Similarly, Bernstein Research raised its price target to $120 from $110 and expect the stock to outperform through the year-end .