Apple eyes record highs, but how much more upside?

Investing.com - (NASDAQ:Apple) shares are poised to open at record highs Wednesday after fiscal third quarter earnings beat estimates.However, how much more potential upside the stock has is a question of debate.Shipments of iPhones in the quarter rose 1.6% from a year earlier to $41.03 million, beating an estimate of $40.7 million.Revenues in the quarter also beat estimates, rising 7% at $45.4 billion, while EPS rose to $1.67 from $1.42.Apple also assuaged concerns about delays in the launch of the iPhone 8, signaling it is on target for release in the fall.Shipments tend to be a bit more sluggish in the quarter prior to the release of a new model.Matrix Asset Advisors' David Katz told CNBC Apple's shares are getting close to "fairly valued."But he said the stock still has some "pretty good upside."Matrix has a target price for Apple of $175. Apple moved toward $160 in after hours following the earnings release.Ian Winer of Wedbush Securities questioned what reception the new iPhone will have at a hefty price tag of over $1,000.There are also questions surrounding Apple's strategy for China, its second biggest market.Shipments to Greater China continued to fall in the quarter as Apple lost market share to producers such as (Huawei:002502)