Apple shares are trading around a new $200 high - but some analysts believe they could rise to as high as $600 each in the coming months.

The company seems set to benefit from iPhone-related success, the analyst say, predicting Apple's imminent entry into mobile-savvy markets in the Far East will drive sales forward, and speculating that the speculated release of a 3G version of the device in 2008 will also boost sales.

"There's so much growth to look forward to for the iPhone,' said Stephen Coleman, chief investment officer at Daedalus Capital, which owns about $7 million of Apple shares. He projects the stock will hit $600 in 18 months, Bloomberg reports.

The device has helped Apple to become a company with "multiple growth engines,' said Bear Sterns analyst Andy Neff, issuing a revised target price of $249.

Goldman Sachs analyst David Bailey expects Mac sales to reach 2.22 million units this quarter.

At its current valuation, Apple holds higher market value than HP, IBM and Intel, a clear sign of the company's turnaround in fortune.