Apple's stock suffered some bruising as the shares sank Wednesday after the tech giant delivered a mixed quarterly report a day earlier. Mostly though, Wall Street analysts maintained their buy and outperform ratings in the wake of news that Apple reported its third straight quarter of year-over-year revenue decline.
Here is what analysts are saying after the print:
Goldman analysts maintained their buy rating on the iPhone seller and wrote, "All in, we viewed the strong guidance as supportive of our near-term thesis that the iPhone 7 will drive upside to consensus."
They also noted that acquisitions may play a larger role in Apple's strategy as the company indicated a "more open ended" stance to mergers and acquisitions relative to previous quarters.
Goldman noted services were the "star" for the most recent quarter as growth accelerated to 24 percent year over year.
The message from Credit Suisse was clear: "buy any dips." Analysts reiterated their outperform rating on Apple's stock.
"While there may be some near-term weakness after the recent strength, we believe the lack of upside to estimates is more reflective of supply constraints," they wrote. "Fundamentally we believe our thesis remains intact with the iPhone 7 driving the business back to growth followed by an iPhone 8 super cycle."
Credit Suisse has a $150 price target on Apple stock.
RBC Capital Markets
RBC maintained its "outperform" rating, writing the recent sell-off creates an "attractive entry point" for investors for a stock that's currently undervalued.
Analysts wrote in a note that Apple has multiple levers in place, including emerging markets, enterprise markets and potential new products, such as iTv.
With a hold rating on the tech giant's stock, Deutsche Bank analysts are "concerned about slowing smartphone growth and elongating refresh cycles in mature markets."
The firm maintained its buy rating and $140 price target on Apple stock.
"With stronger-than-expected initial iPhone 7 demand greatly outstripping supply, our positive thesis remains intact with continued iPhone market share gains, continued strong growth of high-margin iTunes software and services, new product categories such as Apple Watch and services offerings such as Apple Pay and Apple Music to drive growth with improved margins," analysts wrote.