Two major analysts just got more bullish on Apple

Share
The Apple logo is seen on the window at an Apple Store on January 7, 2019 in Beijing, China.
Kevin Frayer | Getty Images

Two major analysts hiked their price targets on Apple to near the highest on Wall Street on Friday, a day after the tech giant surpassed $300 a share for the first time.

Bank of America's Wamsi Mohan and RBC Capital Markets' Robert Muller raised their price targets on the consumer tech giant to $330 per share, about 10% higher than the stock closed on Thursday.

Both banks cited strong iPhone demand as a reason for confidence. RBC, which previously had a target of $295 per share, said in a note to clients that the current iPhone model was generating more social media mentions than other recent versions.

"In short, 11/11 Pro interest has been higher and higher-for-longer, which we expect to support Dec-qtr sales results," Muller said in the note.

Bank of America, which previously had a target price of $290 per share, projected strong performance across Apple's business segments, including the App Store.

"Longer-term Apple benefits from (1) 5G adoption, (2) strong wearables portfolio, and (3) continued y/y gross profit dollar growth which is favorable for stock price trend," Bank of America said in a note.

More In Pro News and Analysis

CNBC ProHere are Friday's biggest analyst calls of the day: Apple, GE, Western Digital, Honeywell, JPMorgan & more
CNBC ProCarnival Cruise gets two Wall Street upgrades amid pent-up demand, potential summer restart
CNBC ProBooming industrial sector to get a jolt from Biden’s infrastructure bill. How to play it