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(AAPL) - Get Report

blowout quarter

Tuesday night has led to a series of price target increases, with several analysts raising their price target to $650.

The highest price target on Wall Street remains Hudson Square's Dan Ernst, who has a $700 price target.

Apple received price target upgrades from



Barclays Capital


Sterne Agee


J.P. Morgan

and several other investment banks, as iPhone, Mac, iPod, and iPad sales all came in very strong during the quarter.

Barclays Capital analyst Ben Reitzes raised his price target to $630 from $555 following the quarter.

"We look forward to several new product cycles this calendar year including a new line of iPads, an iPhone 5, and new Macs. In addition, we may hear more around a potential dividend and Apple's entry into the TV business during CY12 as well. With all of these drivers, Apple remains our top pick in the sector," Reitzes wrote in his research report. He rates the shares overweight.

J.P. Morgan analyst Mark Moskowitz raised his price target to $625 from $525 and kept his overweight rating as he believes the strength seen in iPhone and iPad sales has staying power.

"We expect shares of OW-rated Apple to exhibit major appreciation potential in the near term," Moskowitz wrote in his research report.

Auriga analyst Kevin Hunt raised his price target to $650 from $550, as he believes the iPhone will continue to drive earnings growth for the latter part of 2012. Hunt mentioned the fact that Apple is trading at a 10-year low relative to its earnings estimates. He described Apple as a "core holding" in his research note, and rates the shares a buy.

BGC analyst Collin Gillis has a hold rating on the stock, one of few analysts who do, and downgraded the stock back on Oct. 17. Gillis raised his price target to $500 from $450, but would like to see a pullback in shares before raising his rating to overweight, he said in his research report.

BMO Capital Markets analyst Keith Bachman raised his price target to $545 from $485, and reiterated his outperform rating, as he believes Apple shares will go higher, primarily on strong iPhone sales.

Apple shares hit an

all-time high

earlier Wednesday, as investors were pleased with the results.

Shares were recently trading up 6.6% to $448.31 on more than twice the average daily volume.

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Written by Chris Ciaccia in New York

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