NEW YORK (TheStreet) -- Apple (AAPL) - Get Report shares are jumping 1.9% to $116.73 on Wednesday after the tech giant reported strong fourth quarter fiscal 2015 earnings and was upgraded at Pacific Crest Securities.
On Tuesday after the market closed, the company reported earnings of $1.96 a share on revenue of $51.5 billion.
These results topped analysts' estimates of $1.88 a share on revenue of $51.04 billion.
During the latest quarter, Apple saw record fourth quarter sales of iPhones--48.05 million.
"This continued success is the result of our commitment to making the best, most innovative products on earth, and it's a testament to the tremendous execution by our teams," said CEO Tim Cook.
Following these results, Pacific Crest Securities upgraded the company to "overweight" from "sector weight" with a $142 price target. Analysts said that they see the company as a "sustained share gainer" in the smartphone market.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Apple saying: "I am getting increasingly convinced that people aren't even listening to what Apple is saying on its conference call. The cognoscenti somehow, have decided, that the law of large numbers has ended this company's ability to grow....I don't know. I was on a different call I guess.
"I heard that gross margins are going higher, that average selling price of a phone went up, that penetration in China is at its infancy, that it is just beginning to take on the enterprise and all of that juicy Dell (DELL) / Hewlett-Packard Co. (HPQ) business, that the watch is just getting started and that TV is their oyster. I heard about a huge amount of cash and no end to it. I heard about how there's no real competition on high end phones right now and more than 60% haven't even upgraded who have Apple," Cramer continued.
"I loved what I heard. Most important has it dawned on these naysayers that the stock was at $134 back in April? Who says it can't go higher. Own it; don't trade it,"Cramer concluded.
Insight from TheStreet's Research Team:
Jim Cramer and Jack Mohr commented further on Apple in a recent post on RealMoneyPro.com. To read more, click here:
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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
We rate APPLE INC (AAPL) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.
You can view the full analysis from the report here: AAPL