Apple Peaks on Smartphone Raves

Shares in tech behemoth Apple (NASDAQ: AAPL) are surging as Wall Street is growing more bullish on the smartphone maker's iPhone X launch Friday.

The company reported better-than-expected September quarter earnings results and gave a December quarter sales guidance range above Wall Street expectations at the midpoint Thursday evening.

Apple shares moved skyward Friday as notes poured in from Wall Street that were positive on last quarter's earnings and even more optimistic about the iPhone X.

"Apple closed FY17 on a solid note then offered healthy guidance for the first quarter of the iPhone X," an analyst from Nomura Instinet wrote in a note to clients Friday.

"Recent supply chain improvements allay concerns of severe supply constraints. We expect consensus to come towards our high end estimates."

The iPhone X is available in stores Friday at a base model price of $999 U.S. Thousands have lined up around the world to be among the first to get their hands on the much anticipated phone.

The Nomura analyst reiterated his buy rating and $185 price target for Apple shares, representing 10% upside to Thursday's close.

On the flip side, one Deutsche Bank analyst doesn't believe iPhone X's success is assured.

While the September quarter "results were solid, we believe investors' main focus is on whether Apple can sell a $1,000 premium phone in significant quantities, something we won't have a good sense of until later this year, at the earliest," the analyst said wrote on Thursday.

"Until then, we expect bulls and bears to remain in their own camps, with this quarter's results unlikely to sway views."

Shares in Apple flew $4.45, or 2.7%, to $172.62.

Tech Insider