Through much of 2013—and early 2014—it was fashionable among many analysts to call Apple a dead company walking. That talk is clearly over now.
Brian Blair, managing director at Rosenblatt Securities, told CNBC that "Apple will have another strong March quarter for iPhone." The company's market share in China will likely only grow, he added.
All this now makes Apple a "must-own stock," said Lou Basenese, founder of Disruptive Tech Research.
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"[CEO Tim Cook] should just stand up and point to the scoreboard and sit back down. These are mind-melting numbers," he said in a "Closing Bell" interview.
Part of the blowout had to do with the huge jump in sales in China.
"Apple has not yet reached its maximum level in China. January and February is the big shopping season leading up to Chinese New Year," said Tom Kang, research director at Counterpoint Technology Market Research. "I think the first quarter may be even bigger than the fourth quarter for Apple."
The company's growth in China is underscored by one point: iPhone sales there are nearly comparable to sales in Europe, said Anil Doradla, analyst at William Blair & Co.
JMP Securities set a price target of $150 on Apple shares, while James Ramelli, trader at KeeneOnTheMarket.com, said the stock would hit $120 by the end of the week.
Billionaire--and Apple enthusiast--Carl Icahn told CNBC he thought Apple's 7 percent jump Wednesday was likely the result of a short squeeze. He also thinks that even at its current price the stock is undervalued.