NEW YORK (Dow Jones) -- Apple Inc. (AAPL) shares briefly rose above $600 Thursday, the latest milestone in their meteoric climb as expectations build for the company's smartphone and tablet sales.

The Cupertino, Calif.-based consumer electronics maker's recent rise shows no signs of slowing. Apple's allure is underlined by a $100 billion cash pile, rapid growth despite its large market value and rising Wall Street sales forecasts for devices including the iPad -- the latest iteration of which is due to hit U.S. stores Friday.

Apple shares rose as high as $600.01 shortly after trading opened Thursday. The stock lost some steam later in the morning, turning negative for a time and recently trading at $591.69, up $2.16.

The first intraday trade above $600 comes 22 trading days after the shares first hit the $500 mark, a faster pace than the 32 sessions it took to go from $400 to $500.

Piper Jaffray analyst Gene Munster raised his price target on the shares to $718 from $670 Thursday, one of many analysts now expecting the stock to go past $700. Munster said his previous forecast gave Apple too little credit for "expected growth rates for the smartphone and tablet markets."

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com