As the share of Apple stock continues to gain value, RBC Capital Markets has been signaled to again raise the price target on the iPhone maker for the second time in the same number of weeks. 

From a previous forecast of $625, a note was issued to investors by analyst Amit Daryanani revealing a new price target higher than the previous one by $20, leveling at $645. This was already an increased target by Daryanani, who had an initial projection of $590 following Apple's shockingly strong second quarter last month. His latest revision intends to reflect the company's increased share buyback program as well as its newly raised debt. This revision came along with a maintained rating of "outperform."

Daryanani also expects Apple to repurchase around $44 billion in shares from now until the last month of 2015, or in December of that year. This implies buybacks of more than $6 billion per quarter. It also suggests that Apple will further buy additional shares to the tune of a massive 50 million at an average price point of $590. With this higher price target, Daryanani has increased earnings per share estimates in this fiscal year 2015 by more than one dollar up to $48.96.

He further recommends that investors should remain long on AAPL, adding that multiple stimuli and incentives are expected ahead for the company. For instance, the expected Worldwide Developers Conference in June, the anticipated iPhone 6 launch around September this year, and possibly a fresh new iPad in December, all to help push the stock price even higher.

Apple shares are peaking at their highest levels of trade in over a year following the company's robust second quarter. During that same time, the company announced its expanded capital reinvestment program, also the upcoming 7-for-1 stock split

AAPL shares for a moment toyed with the idea of pushing a price of $599 but retreated eventually after feeling some resistance at the $600 limit.