Apple stock hit an all-time high of $120 a share on Friday as the firm's market cap surpassed $700 billion. The bump in share price can be attributed to the company's healthy earnings report earlier this week, when Apple beat Wall Street expectations.

The company announced on Tuesday that it sold a record 74.5 million iPhone units during the quarter. It also reported $74.6 billion in revenue, up about 30 percent from the year-ago quarter. While iPad unit sales were down, Wall Street still has high expectations for Apple moving forward.

The Apple Watch will launch in April, for example, and rumors suggest an iPad Pro and a new 12-inch MacBook Air are also on the horizon. Bundle those launches with the official deployment of new HomeKit-enabled products this spring, and it's pretty clear why Wall Street is still bullish on Apple.