Apple Inc. (NASDAQ:AAPL) stock is gaining traction ahead of the highly anticipated iPhone 6 launch. The company has increased its share buyback program by $30 billion and raised dividend by 8%, giving much-needed boost to the stock. And the potential 1-to-7 stock split will make Apple shares even more affordable. Experts say that it could push up the stock because more investors will be able to buy Apple shares after the split. With all these moves and expectations of a new product category, shares of the iPhone maker surpassed $600 for the first time since October 2012.

Apple Stock AAPL

Bill Miller says Apple still undervalued

However, legendary investor and former chairman of Legg Mason Capital, Bill Miller said in an interview with CNBC that the stock is still undervalued, and it’s good time to jump in. Miller says Apple Inc. (NASDAQ:AAPL) is worth $700-$750. More importantly, he says the stock will continue to go up after surpassing the $600 mark. The tech giant is expected to launch a number of new products this year, including the iPhone 6, a long-rumored iWatch, Apple TV, and MacBook Air with retina display.

Recently, reports surfaced that the Cupertino-based company will launch a mystery new hardware at its Worldwide Developers Conference next month. Investors are looking forward to the mystery product which can drive the stock higher. These anticipated releases would prompt more casual investors and Apple Inc. (NASDAQ:AAPL) fans to buy the stock. When the tech giant announces a new product, there are comparisons whether to buy the product or Apple stock. For instance, if you purchased Apple stock rather than the original iPhone when it was launched in 2007, the stock would be worth $3231 today.

Apple may launch low-cost iMac soon

KGI Securities analyst Ming-Chi Kuo says Apple Inc. (NASDAQ:AAPL) may launch a low-cost iMac at the end of Q2. He says the all-new MacBook Air with retina display is unlikely to hit the markets before the third quarter, along with Apple TV. Kuo thinks the iPhone 6 and the iWatch are likely to be announced in the third quarter. Both these devices will have NFC integration.