CNBC Pro

Here's what every major Wall Street analyst says about Apple's blowout earnings report

Share
Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California, June 22, 2020.
Brooks Kraft | Apple, Inc. via Reuters

(This story is for CNBC Pro subscribers only). 

Wall Street analysts were nearly unanimous in their praise for Apple on Friday morning, raising their price targets across the board after the company's strong results for the fiscal third quarter. 

The tech giant reported $2.58 in earnings per share on $59.69 billion of revenue, blowing past Wall Street estimates in a Refinitiv survey of $2.04 in earnings per share and $52.25 billion of revenue. Apple also reported a 4-for-1 stock split. 

The revenue result was the highest for the third quarter in company history, rising 11% year over year despite the Covid-19 pandemic disrupting retail locations in the United States and elsewhere. Revenue from iPhone sales alone beat estimates by more than $4 billion. 

The stock surged after the results were announced, with shares gaining 10.5% on Friday. 

More In Street Calls

CNBC ProHere are Friday's biggest analyst calls of the day: Apple, Nike, Qualcomm, Facebook, Alphabet & more
CNBC ProCredit Suisse hikes Alphabet price target to a Street high, says stock will rise 30%
CNBC ProCiti upgrades Monster Energy, says underperformance is opportunity to get the growth stock for cheap