Mizuho Securities analyst, Abhey Lamda, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) after the company reported in-line fourth quarter results. Management noted strong product cycle and continued switching activity but called out current undersupply of 7+ models.

Guidance implied iPhone units for DecQ are in line with consensus, though expectations had risen into the print given recent Samsung news flow. The analyst sees potential upside to estimates, undemanding valuation and material upside based on LTVC analysis.

No change to the price target of $130.

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Shares of Apple closed at $118.25 yesterday.