How much higher can Apple's stock go?

Updated at 10:41 a.m. ET

Apple (AAPL) shares hit an all-time high Wednesday.

The company's stock price briefly rose to $100.77 in early trading before falling back. That topped a previous split-adjusted intraday high in September 2012 of $100.72.

That may not sound like the stratospheric heights Apple shares had previously reached, but remember that the stock went through a 7-for-1 split in June. Shares are now easily in the record territory they hit two years ago, when they topped $700.

In fact, Apple shares reached a milestone Tuesday when they closed at a record $100.53. The previous record close for the company, hit on Sept. 19, 2012, was $702.10, or $100.30 in post-split terms.

That left just one more big record for the stock: the all-time intraday high of $100.72.

Shares are being fueled by two products already generating intense excitement: the new iPhone 6 and the iWatch. A new iPhone is pretty much a given, and though the company hasn't announced any details, analysts are anticipating a blockbuster.

But the iWatch is still a question mark, and analysts and company observers are unsure about its fate. One reliable Apple analyst, Ming-Chi Kuo of KGI Securities, thinks the iWatch may not debut until sometime next year, according to Cult of Mac.

CEO Tim Cook has promised new "product categories" this year, however.

Apple's sky-high share price isn't scaring analysts away from the stock. Morgan Stanley's Katy Huberty is recommending that investors load up before the new devices launch, Barron's reports. She's a fan of the low institutional ownership, increased cash return and research activity. She also likes seeing that profit margins have settled down and a strong management team is in place. Huberty thinks shares could go as high as $120 in the next year.

Investors appear no less enthusiastic. The stock on Tuesday set a volume record for the most trades in a single second, at 5,094, according to USA Today.