Apple (AAPL) Defended Thrice... and It's Working

Market darling Apple (NASDAQ: AAPL) has been in the doldrums since earnings, in part on fear over decelerating iPhone growth. Today, however, shares are on the mend as not one, but three Wall Street analysts have come out to defend the name.

1. Bernstein analyst Toni Sacconaghi reiterated an Outperform rating and price target of $142. Sacconaghi laid out 5 reasons iPhone units may grow next year. He also called it the cheapest of the 25 largest cap tech companies. MORE

2. Oppenheimer analyst Andrew Uerkwitz reiterated his Outperform rating and $155 price target. Uerkwitz believe the weakness can be attributed to fear over decelerating iPhone growth, a slowing Chinese economy, and lack of new growth drivers. "We believe discounting Apple based on these concerns is unjustified," the analyst said. MORE

3. Nomura Securities analyst Jeffrey Kvaal reiterated his Buy rating and $145 price target. "We believe the significant strengthening in bearish sentiment over the past two weeks belies steady fundamentals," Kvaal said. "We retain our view that Apple has plenty of scope to grow sales both in its subscriber base and from the Android phablet base. Supply-chain data points do not support widespread order cancellations." MORE

Shares of Apple last traded at $118.42. up 2.5%.

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