Apple seen boosting share buybacks after blockbuster results

Apple's shares were set to open 8.3 percent higher on Wednesday, after the company posted the biggest ever quarterly profit reported by a public corporation. Apple sold a record 74.5 million iPhones in the quarter and reported a 70 percent surge in China sales. "We had to increase our cell widths and chart heights after Apple's blow-out December-quarter print," RBC Capital Markets analysts wrote, raising their price target to $130 from $123. Cantor Fitzgerald was the most bullish with a price target of $160 - implying a market valuation of more than $900 billion by the end of the year.

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