On Thursday, RBC Capital's analysts raised their price target on Apple Inc from USD475 to USD525. The analysts cited chatter regarding a potential bigger buyback program and the anticipated release of the new iPhone as the reasons for the surge.

"There has been increased talk about Apple possibly doing a larger buyback, given low bond yields and attractive share price. Recent comments by Mr. [Carl Icahn] have increased the level of investor discussion on this topic. It will be interesting to see what Apple eventually does as this isn't the first time an activist has asked for a change in capital allocation," the analysts stated. Moreover, they said iPhone 5S and 5C's mid-September launch would drive the stock prices higher.

In September 2012, Apple hit a record of USD702. Also, in an interview with Reuters, Carl Icahn said the shares of Apple could reach USD700 again given that Apple would carry out a USD150 billion share buyback program. However, Apple stocks have fallen by 30% year to date.