"We have raised our recommendation based on the potential for expanded iPhone distribution, the expected success of the iPad, and a stock that is trading below its historical average P/E ratio," wrote the analyst, Gus Papageorgiou, who had a 'sector perform' rating on the shares since the end of March 2009. The stock is up more than 140 percent since then. Today, Apple shares are on track for their second-biggest gain in dollar terms in the company's history after first-quarter revenue totaled $13.5 billion, a whopping $1.5 billion more than consensus estimates.