Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $130 price target on Apple (NASDAQ: AAPL), noting that while China smartphone shipments declined in August, Apple's shipments were up.

Daryanani notes that MNC (read Apple) shipments were up 28%, versus the broader market which fell 14% in the month.

The analyst said the "very strong" month nearly offsets the weak July.

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Shares of Apple closed at $115.14 yesterday.