NEW YORK (TheStreet) -- Apple's (AAPL) - Get Report better-than-expected 2016 third quarter shows the tech giant is set to get even better from here, said CNBC contributor Pete Najarian on today's 'Fast Money: Halftime Report."
After yesterday's market close, Apple reported earnings of $1.42 per share on revenue of $42.4 billion for the latest quarter, higher than analysts' expectations for earnings of $1.38 a share on $42.36 billion in revenue.
"The fear was that Apple was just absolutely going to have the worst quarter they could ever put up. Still a bad quarter, but better than expected and all of those fears were put to the side," Najarian stated.
Najarian was particularly impressed that Apple's revenues are now being driven higher into the 15% to 19% range from services alone.
"You've got to like the direction they're going. People love Apple products and 90% of them plan on continuing to be with Apple," Najarian noted.
Shares of Apple are surging 6.56% to $103.01 this afternoon.
(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)
Separately, TheStreet Ratings rated Apple as a "buy" with a score of B.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: AAPL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.