Analysts at UBS this morning reiterated their 'buy' rating on Apple stock, adding their voice to the wave of general optimism the company has won.

The analysts also significantly raised the target price for the company's stock - from $77 to $85.

With Apple's first quarter 2005 results exceeding consensus estimates once again, improved margins and "impressive Mac sales", the analysts pointed to the success of the iPod as a catalyst for its current success.

Earnings per share (EPS) estimates for 2005 were raised from $1.40 to $1.95; with a 2006 EPS of $2.30 proposed.