NEW YORK (TheStreet) -- Shares of Apple (AAPL) are higher by 0.42% to $115.80 in early market trading after analysts at Argus upped its price target on the iPhone maker to $135 from $125 this morning with a "buy" rating.
The move comes following Apple's better than expected earnings report released on Tuesday of $3.06 per share, compared to the consensus estimate of $2.54 per share. Revenue was $74.60 billion for the quarter, beating the consensus estimate of $66.42 billion.
Analysts say three of the biggest drivers to boost growth include its expansion into China, the launch of the Apple Watch and the potential of Apple Pay to gain traction.
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Cupertino, CA-based Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, 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."