Apple shares closed at an all-time high Thursday after Wedbush analysts raised their price target for the stock, telling clients they expect the iPhone maker could be headed for a "golden era of growth" driven by demand for artificial intelligence.

Dan Ives' supply chain checks indicate that consumers like Apple's AI strategy, suggesting that the iPhone 16 cycle could be "a historical one."

With Apple stock in record-high territory, a longtime Apple bull on Thursday raised his price target to the highest level on Wall Street.