Apple shares powered higher in early Friday trading, following a record set of first quarter earnings and an upbeat outlook for iPhone sales from the world's biggest tech company that triggered a host of price target changes from analyst on Wall Street.

Apple reported fiscal first-quarter earnings Thursday. Analysts are focused on iPhone momentum following a sluggish start to the year for Apple's stock.

Apple stock was rising in premarket trading Friday, boosted by the solid set of results the tech company posted after Thursday's close. Apple reported earnings of $2.40 a share on revenue of $124.3 billion for the quarter ended Dec.