Most Wall Street analysts like what they’re seeing from Apple , viewing the iPhone maker’s better-than-expected results as a sign of resilience and its continued ability to deliver even in a tough environment. Apple rose 2% in the premarket after posting earnings that beat expectations, driven by stronger-than-expected iPhone sales. Overall sales, however, fell for a second consecutive quarter. The stock’s up about 28% year to date. JPMorgan’s Samik Chatterjee referred to Apple’s results as sign of Big Tech’s continued strength in this environment and what investors needed to “feel reassured of its defensive positioning.” This resilience against the current macro environment justifies the company’s current valuation, he added. AAPL 1D mountain Apple shares gain on earnings “While we can see some investors squirm about a 26x earnings multiple, we believe the resilience of the business proving out in the numbers currently as well as the early part of the pandemic (2020) will amply justify the reasons to pay a premium,” Chatterjee wrote. Chatterjee has an overweight rating on Apple and a price target that implies upside of 14.6%. Bernstein’s Toni Sacconaghi expects the stock to push higher near term, even as the company’s valuation approaches a peak — and especially as the company enters a period of seasonal strength. “We see a path (and precedent) for AAPL continuing to grind higher near-term, but are cautious about the opportunity for material multiple expansion in the longer term,” he said, lifting his price target to $175 a share. The new target reflects nearly 6% upside from Thursday’s close. The analyst has a market perform rating on the stock. Goldman Sachs’ Michael Ng reiterated his buy rating on shares, with his $209 price target implying 26% upside. He noted that the iPhone keeps growing its market share in the smartphone space and that Apple “achieved an all-time active high installed base across iPhone and devices.” Elsewhere, Evercore ISI’s Amit Daryanani referred to Apple’s results as a sign of the company’s diverse revenue streams and the iPhone’s “consumer staple nature,” while Morgan Stanley analyst Erik Woodring said the print shows a company “delivering under pressure.” “In the near-term, the macro (and FX) is still a headwind to demand, but Apple is helping to offset these forces with strong gross margin performance,” Woodring said, adding that the iPhone 15, augmented reality headset and emerging markets story all serve as potential…
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