Apple (Nasdaq: AAPL) is up early following solid quarterly results issued after markets closed Tuesday. Piper Jaffray's Gene Munster is still bullish on the company following the report.

Munster noted that iPhone demand was aided by iPhone 4 price cuts in emerging markets. High-end iPhone growth is estimated to be up 10 percent, mid-tier up 5 percent, and lower-end sales up 50 percent on the new pricing scheme, he said.

Given the data, Munster believes that the iPhone market is in better shape than most people think and demand for low- to mid-price devices is still large. That will help Apple to be able to dissipate falling ASPs.

Munster noted iPad numbers and said they were disappointing. Consumers are more price sensitive than he previously thought.

Apple is expected to debut new products in the autumn.

Piper currently rates Apple at Overweight with a price target of $688.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $418.99 yesterday, with a 52 week range of $385.10 -$705.07.