Apple gains could power Dow past 22,000

2 August 2017: Apple Inc's (AAPL.O) surprisingly strong quarterly results and forecast pushed the iPhone maker's shares to a record high, putting the Dow Jones Industrial Average .DJI on track to breach the 22,000 mark when the market opens.

Apple's shares were up 5.5 percent at $158.33 in premarket trading, and were set to add another $43 billion to the market capitalization of the world's most valuable company.

The stock has gained nearly 30 percent this year and closed at $150.05 on Tuesday.

"The Appleverse is expanding with all segments growing," UBS analyst Steven Milunovich said.

At least three brokerages raised their price targets on the stock, with Barclays making the most bullish move by raising its price target by $23 to $146.

The median price target on the stock is $165. The company's shares closed at $150.05 on Tuesday.

"There is no reason for opportunistic investors to trek to the sidelines given the June-quarter print and Sept-quarter guide," Barclays analyst Mark Moskowitz wrote in a client note.