The Outlook on Apple's All-Time High

Apple Watch intro
Source: courtesy of Apple Inc.
Apple Inc. (NASDAQ: AAPL) saw its shares hit an all-time high in Wednesday’s trading session. The most recent quarterly results were a huge driver of this gain. 24/7 Wall St. has included some color on recent analyst calls and shows who is calling for Apple to go even higher.

The range on the day was $118.31 to $120.51. Shares have risen as high as 1.6% from Tuesday’s close.

The following analyst calls were all made within the past week, in the wake of the first-quarter earnings report:

  • Argus maintained a Buy rating and raised the price target to $135 from $125.
  • Credit Suisse set its price target at $130 with a Buy rating.
  • Citigroup has a Buy rating with a $135 price target.
  • Goldman Sachs maintained a Buy rating with a $130 price target.
  • J.P. Morgan raised its price target to $140 from $112 with an Overweight rating.
  • Nomura had one of the lower price targets at $123.
  • Cantor Fitzgerald has the highest listed price target of all analysts at $160, which implies an upside of 35% from Tuesday’s close of $118.65.

The stock has a consensus analyst price target of $129.88, which implies an upside of 9.5% from Tuesday’s close.

Prior to these calls, Apple posted a phenomenal quarter with record revenues and iPhone market share. The tech giant reported $3.66 in earnings per share and $74.6 billion in revenue, completely blowing estimates out of the water.

ALSO READ: Running a Tesla With an Apple Watch

Looking ahead to Apple’s fiscal second quarter, the company gave guidance of $52 billion to $55 billion in revenues and for gross margin to be 38.5% to 39.5%. The Thomson Reuters consensus estimates are $2.01 in earnings per share and $53.79 billion in revenue.

Considering the quarterly results, guidance and recent analyst calls, Apple can still stand to grow and push new highs.

In the last hour of trading, Apple shares were up 1% at $120.06, on a 52-week trading range of $72.32 to $120.35.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.