UBS analyst, Steve Milunovich, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) and noted the results were roughly in line but showed surprising iPhone strength at units of 40mn (44mn sell-thru). Also, the Sep quarter outlook was better than expected—even if there is an earlier Sep iPhone announcement that helps compares, the results still will be decent. There has been concern that the company was losing understanding and control of the iPhone cycle. However, his sense is that Cook has a good handle on demand, which should give investors more confidence.

The analyst believes "YoY earnings momentum should begin turning up with the June quarter now the bottom".

No change to the price target of $115.00

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 $96.67 yesterday.