Shares of the maker of iPhones and Apple Watches rose 12.5% this past week to about $115. The stock has a reasonable chance to return to its all-time high if a few things go the company’s way.

From a 24/7 Wall St. analysis:

The crush of orders for the iPhone 7 has driven Apple Inc. (NASDAQ: AAPL) shares to $115 from $90 in early May. It is now within striking range of its all-time high of just over $132 set on May 18 of last year.

All the good news about the iPhone 7 may not be out. Apple said it will not disclose early unit sales. That may change, or clever analysts may make precise estimates.

There is also a fair argument that Apple benefits from the Samsung Galaxy Note 7 woes.

Perhaps most important, Apple’s next set of earnings are published on October 25. Wall Street speculation will begin in earnest as analysts jockey their numbers for precision. Many will be revised higher based on early iPhone 7 sales.

Finally, Apple’s earnings themselves will show early iPhone sales. And its guidance, always light, may anticipate a strong holiday. That by itself could lift shares toward a new record.

And Apple’s shares also were upgraded this week:

Apple … has been winning as the iPhone 7 pre-orders have been very strong. Credit Suisse raised its estimates based on strong pre-sale orders, reiterating its Outperform rating and its $150 price target. Shares closed up 3.6% at $111.83 on Wednesday and were up 1.6% more at $113.60 Thursday morning. The stock’s 52-week trading range is $89.47 to $123.82, and the consensus analyst price target is $123.66.

That $150 price target would put Apple shares well above its all-time high.

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