Apple shares briefly set a new all-time high before settling up at $64.95 on yesterday's trades.

The price hike came as Bear Stearns analyst Andrew Neff raised his target price on the company's stock from its previous $58 to a new $70 price. Neff repeated his "outperform" assessment on the stock.

Neff cited "robust demand" for iPods, along with better availability, adding that the company's migration to Intel processors is going to schedule.

The analyst also expects 14.1 million iPods to ship in the current quarter, and that annual volume will reach 44.8 million - 11 million more than previous estimates, reports Associated Press.

"Apple has an impressive pipeline of new products, which is expected to further strengthen the company's market position in the near future", he added, voicing his expectation that the company will move into manufacturing mobile phones in future.

Apple's chief industrial designer Jonathan Ive last year bemoaned the design of mobile phones at an invitation-only gathering in London, UK. He complained that handset manufacturers generally fail to meet user needs in terms of usability. This was not a declaration of intent on the part of the company, but an attempt to explain the importance of good product design.

Neff added $1 billion to his Apple Q1 revenue estimates, raising these to $5.85 billion.