Shares of Apple are up US$8.59, or 2.5%, at $351 Friday morning following excellent second quarter 2011 fiscal results announced on Wednesday.

The highest price target comes from Brian White of Ticonderoga, who previously had the highest as well. His new target is $612, up from $550, reports “Barron’s” ( White raised his third quarter estimate for revenue to $25.1 billion from $24.4 billion, and raised his EPS [earnings per share] estimate to $5.63 from $5.43. For fiscal 2011, his revenue estimate goes to $106 billion from $102 billion, and his EPS estimate goes to $25.22 from $23.36.

“With the stock now trading at 10x our CY11 EPS estimate (ex-cash), we believe there is plenty of upside left in the stock price as we look forward to continued momentum from the iPad 2, a new iPhone 5 in September, growing adoption of Mac products and a bigger push in the TV market as the year progresses,” White wrote in a note to clients.