Apple Inc. (NASDAQ:AAPL) shares rallied Friday after the company's second-quarter results and stronger-than-expected guidance reassured Wall Street that iPhone demand, services momentum and gross margin resilience remain intact. 

AAPL stock is approaching new highs. See the chart and price action here. 

The Cupertino, California-based stock guided for fiscal third-quarter revenue growth of 14% to 17%, above Street expectations, and gross margin of 47.5% to 48.5%. 

Shares were trading higher Friday, rising 4.3% to $282.95 and reaching an intraday high of $287.22, putting AAPL stock within striking distance of its 52-week high of $288.62, per Benzinga Pro data.  

The move reflected a quarter that checked several boxes bulls had been waiting for: accelerating iPhone demand, stronger Services growth, better-than-feared margins and a June-quarter revenue outlook well above Wall Street expectations.

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Analysts Weigh In

J.P. Morgan analyst Samik Chatterjee reiterated an Overweight rating and $325 price target. Apple "clears margin hurdle again," Chatterjee said, citing stronger product demand and supply management. Apple continues "moving the bar higher on gross margins," ...