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Pro Analysis

Wall Street says ignore disappointing Apple quarter, keep buying stock into iPhone 8 launch

Tim Cook, chief executive officer of Apple Inc.
David Paul Morris | Bloomberg | Getty Images
Tim Cook, chief executive officer of Apple Inc.

Apple bulls on Wall Street were unfazed by mixed fiscal second-quarter financial results and stayed optimistic over the upcoming iPhone 8 launch.

The smartphone maker reported better-than-expected earnings Tuesday after the close, but iPhone shipments fell short of Wall Street estimates. Apple shares traded down 1 percent at the open of trading Wednesday in response to the earnings report.

Nearly 75 percent of Wall Street analysts still have buy ratings on Apple, according to FactSet.

Below is a summary of what Wall Street firms are now telling clients to do with the stock.