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 shares rose 3.5% in premarket trading, after the company reported stronger-than-feared earnings. iPhone sales fell nearly 1% on the year to $69.1 billion, below the $70.7 billion analysts were projecting,

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.