By Arik Hesseldahl

The rally that propelled Apple's shares to a record has sparked debate over how much further the stock could rise, with most analysts expecting the gains to continue.

Apple's shares have come a long way in a short time. On Oct. 21, Apple (AAPL) stock closed at 204.92, besting the previous peak, set in December 2007. The next day it closed even higher, at 205.20. Almost exactly a year earlier, against the backdrop of a financial meltdown that torpedoed the wider market, Apple stock was trading at 91.49. An investor who purchased Apple then would have more than doubled his investment.

Wall Street analysts who track Apple say there's more room to run. After Apple's eye-popping Oct. 19 earnings report, most analysts fell over...