The Apple logo is pictured at a retail store in the Marina neighborhood in San Francisco, California
IN PHOTO: The Apple logo is pictured at a retail store in the Marina neighborhood in San Francisco, California April 23, 2014. REUTERS

Apple Inc's (AAPL) stock price is expected to climb higher as analysts see several catalysts to push the company's performance in the future. The upcoming release of Apple's December 2014 quarterly earnings is expected to boost investor confidence.

RBC Capital Markets analyst Amit Daryanani has issued a note to investors and raised his price target of Apple stock to $123 from the previous $120. He also believes Apple's iPhone 6 and iPhone 6 Plus will continue to do well in the market. The analyst sees Apple iPhone sales during the holiday quarter as better than expected due to higher demand, Apple Insider reported.

Daryanani predicts iPhone sales to be between 67 million and 68 million units sold in the holiday quarter. The firm's own forecast is lower at 64 million units. He said more than 80 percent of iPhones sold in the quarter ending in December were composed of iPhone 6 and iPhone 6 Plus. RBC's higher price target also takes into account the upcoming release of Apple Watch and the growth of Apple Pay.

Apple is expected to release its first-quarter earnings for fiscal year after trading closes on Jan 27. According to a Thomson Reuters poll, analysts predict Apple to earn $2.57 per share as sales are expected to increase 16 percent or $67.1 billion. If analysts' estimates turn out to be correct, it would be Apple's biggest gains sales and earnings within two years.

Cowen & Co analyst Timothy Arcuri had revised his Q1i forecast to slightly above the consensus figure at $2.58 EPS and $67.3 billion. He believes Apple has sold 68 million iPhones during the holiday quarter, IBD reported.

Meanwhile, a new survey has found that Apple employees have rated the company and its CEO Tim Cook high on outlook, culture and values. A poll by UBS Evidence Lab asked tech workers about their company's business outlook, values, culture, management and their CEO. UBS analyst Steven Milunovich believes these factors are equally important as financial reports only reflect what the company has already done. The analyst said he was not surprised when Apple took the top spot in the poll as the strong employee assessment will benefit the company's future.

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