Tim Cook, chief executive officer of Apple Inc., speaks about the new iPhone Pro during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Tuesday, Sept. 10, 2019. Apple unveiled the iPhone 11 that will replace the XR and start at $699. Photographer: David Paul Morris/Bloomberg via Getty Images

With a slew of price target raises from Wall Street driven by strong iPhone sales, Apple's beat on its earnings is already priced into the stock, according to Deutsche Bank.

The firm raised its price target on the stock to $230 per share from $210 per share. Deutsche Bank's target is still below Apple's Monday closing price of $240.51 per share.