NEW YORK ( TheStreet) -- Apple ( AAPL) was the best-performing stock in the S&P 500 on Wednesday morning. The S&P was rising 15.9 points, or 1.16%, to 1,387.87.
Shares of Apple rose 9.75% Wednesday morning to $614.89. The company reported strong second-quarter earnings Tuesday after the closing bell. Apple posted profit of $12.30 a share on revenue of $39.2 billion; analysts, on average, anticipated earnings of $10.02 a share on revenue of $36.69 billion. Societe Generale analysts raised their rating to buy from hold on the stock Wednesday. The analysts have a $750 price target on Apple shares. Apple trades at an estimated price-to-earnings ratio for next year of 11.74 times; the average for computer hardware companies is 16.02. For comparison, Hewlett-Packard ( HPQ) has a lower forward P/E of 5.62. Fifty of the 56 analysts who cover Apple rated it buy. Five analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Apple a A+ grade with a buy rating and $771.02 price target. The stock has risen 51.76% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.