The iPhone remains to be king at Apple. Analysts cheered the corporate’s newest quarterly outcomes which got here in above consensus expectations, thanks largely to the corporate’s robust iPhone gross sales. Apple reported $40.7 billion in iPhone gross sales within the June quarter, above consensus and up almost 3% on the yr. Several analysts famous that Apple’s iPhone gross sales can present safety for the corporate going ahead, particularly as uncertainty concerning the present macroeconomic backdrop lingers. Apple can also be anticipated to launch a brand new iPhone this fall. “We think AAPL remains uniquely positioned to sustain mid/high single digit sales and low/mid teens EPS growth in FY23 and potentially beyond,” wrote Evercore ISI analyst Amit Daryanani in a Thursday notice entitled “building a wider moat through macro worries.” The firm additionally introduced greater than $28 billion in share buybacks and gross margins of 43.26%, forward of its personal steering of 42% to 43%. Of course, there are headwinds for Apple going ahead. The firm famous that overseas change charges because of the robust greenback weighed on the quarter. In addition, Apple did not give a proper steering for its projected efficiency subsequent quarter. Here’s what main analysts needed to say concerning the report: Citi Citi elevated its goal worth for Apple to $185 from $175 and maintained its purchase score after the earnings launch. “While investors were concerned about the general slowdown in consumer spending, Apple posted an all-time high over 1.8 billion installed base which sets up well for future services sales, upgrades and replacements,” Jim Suva wrote in a Friday notice. He added that regardless of foreign money headwinds because of a robust greenback, Apple remains to be rising. Suva then pointed to 5 causes to purchase the inventory – the iPhone 14 launch, a skew in direction of center and high-priced merchandise, roughly $90 billion in share buybacks, companies income and new product class launches. UBS UBS stored its $185 worth goal and purchase score on Apple shares, saying that the outcomes largely met investor expectations whilst overseas change headwinds endured. The agency additionally expects the corporate’s inventory to leap in August forward of a fall iPhone launch. “Over the past ten years, Apple shares have returned on average ~7% in August, the best month of the year, outpacing the S & P 500 by ~ 650 bps as investor sentiment typically improves ahead of a fall iPhone launch,” wrote David Vogt in a Thursday notice. Evercore Evercore sees Apple as solidly positioned going ahead provided that its set up base is increasing, income is accelerating and gross margins stay greater than 42%. “We would stress that AAPL revenue appear more driven by supply constraints vs. macro worries – though they did note pockets of softness due to macro (digital advertising, wearables, etc),” Daryanani stated. Evercore boosted its worth goal to $185 from $180 and maintained its outperform score. Bernstein Not all analysts noticed the report as rosy. Bernstein maintained its market carry out score and $170 worth goal for Apple following its outcomes. “The macro question remains foremost in our minds,” wrote Toni Sacconaghi in a Friday notice. “Why might Apple be immune to spending shifts currently being seen among the consumer? And perhaps more importantly, why didn’t Apple elect to be somewhat more conservative in its Q4 guidance to protect from any unexpected turn to the downside?” The agency additionally worries that estimates for Apple’s 2023 earnings could also be too excessive, particularly if client spending patterns revert from power in 2021 and 2022. “We see some opportunity for Apple to continue to outperform through its iPhone launch in September, per its historical pattern, but we believe risk/reward over the next 6 months – 2 years is neutral to modestly negative,” Sacconaghi stated. JPMorgan JPMorgan reiterated Apple as a secure haven after its stable outcomes. “iPhone revenues continue to grow y/y despite the double whammy of tough compares and weaker consumer spending backdrop, which along with Apple’s commentary relative to record switchers in the quarters, increasingly bears out the likelihood of sustainable iPhone growth through the combination of share gains as well as replacement of large and expanding installed base of devices,” Samik Chatterjee wrote in a Thursday notice. “Outside of resilient Product demand, contribution from Services revenue and earnings enables high predictability and resilience of aggregate revenue/earnings for the company, delivering to the safe haven positioning for AAPL,” Chatterjee added. The agency has a $200 worth goal and chubby score on the tech large. Deutsche Bank “We are impressed with the company’s gross margin performance, which came in above the guidance range, especially given FX headwinds,” analyst Sidney Ho wrote in a Thursday notice. “While AAPL did not provide revenue guidance for F4Q, management commentary suggests Products revenue should still grow y/y, which should help alleviate concerns that a decline in consumer spending could sharply impact AAPL’s revenue,” Ho added. The agency has a $175 worth goal and purchase score on Apple shares. Morgan Stanley Apple remains to be considered one of Morgan Stanley’s high picks. The agency has a $180 worth goal and chubby score on shares. “Apple’s June Q results show clear differentiation vs. consumer hardware peers, and similar to last quarter, we believe that Apple remains a beacon of stability in an otherwise challenging market,” wrote Erik Woodring in a Friday notice. “Longer-term, the shift to a more subscription-like narrative represents a key driver of upside to Apple’s current share price and pairing these short and long-term theses together is what keeps Apple as our Top IT Hardware pick for 2022.” Wells Fargo Wells Fargo additionally its $185 worth goal and chubby score on Apple. “Most notably, Apple did not see any macro-driven demand slowdown for iPhones, but is seeing some impact to the wearables segment & some services (digital advertising),” Aaron Rakers wrote in a Thursday notice. “While macro and FX remain considerable challenges, we continue to believe Apple can outperform the broader PC and smartphone markets, while also supporting shares through significant capital return.” —CNBC’s Michael Bloom contributed to this report.