Apple’s revenue can be summed up in one word

Apple Inc.’s iPhone business appears to be a portrait of resilience, many analysts say, as the company indicated late Thursday that macroeconomic pressures had yet to dampen demand for its smartphones.

The company posted better-than-expected results for its latest quarter, highlighted by a big beat in the iPhone segment that helped offset a significant loss in Mac revenue amid strong supply pressure. AppleAAPL,
shares rose more than 2% in premarket trading on Friday.

Read: Apple says macro issues aren’t hurting iPhone business as earnings beat expectations

“Amid great uncertainty and investor concerns about slowing consumer spending, Apple delivered what we would consider positive earnings and outlook,” Wells Fargo analyst Aaron Rakers wrote. “Specifically, Apple has seen no slowdown in macroeconomic demand for iPhones, but is seeing an impact in the wearables segment and some services (digital advertising).

Rakers was optimistic about Apple’s continued ability to weather the macroeconomic storm, writing that while the company faces “tremendous challenges” from currency pressures and economic trends, its results showed “resilience.” and the company should be able to outperform the PC and smartphone markets more generally, “while also supporting equities with a strong capital return.”

He rates the stock as overweight with a price target of $185.

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Cowen & Co. analyst Krish Sankar also saw Apple’s comment as an indication that “bounty demand” is “resilient”, although he said he would take a measured approach to his own predictions.

“While we believe AAPL is navigating the environment in an exemplary manner (supply chain management, cost control, strong capital returns), we continue to model [near-term] cautious demand given the macroeconomic slowdown, the ongoing war in Ukraine and the potential for more movement restrictions in China,” he wrote in his note to clients.

Sankar has an outperform rating and a $200 price target on Apple stock.

Oppenheimer’s Martin Yang saw many positive signs in Thursday’s report, including management announcements of strong performance in Indonesia, India and Vietnam, as well as record numbers of people switching to iPhones.

“Apple’s outperformance relative to its peers continues to impress,” he wrote in a note to clients titled: “iPhone Resilience Defying Macro Challenges, Growth in India Should Not Be Overlooked.”

Yang has an outperform rating on Apple shares and kept his price target at $190.

See also: Amazon stock jumps as sales batter, AWS growth overcomes second straight quarterly loss

Citi Research analyst Jim Suva also applauded the company’s “great results,” while saying he still saw plenty of reason for investors to buy Apple stock.

“While investors were concerned about the general slowdown in consumer spending, Apple posted an all-time high of more than 1.8 billion installed base, which sets itself up well for future service sales, upgrades and replacements,” he wrote in a note to clients.

Suva is optimistic about a “shifting mix” that “continues to move away from low-cost Android phones towards more affordable, high-end products.” He also noted that Apple’s roughly $90 billion buyout “provides support for stocks.”

Apple executives said in late April that they were adding $90 billion to the company’s share buyback authorization because they had also increased Apple’s dividend by 5%.

Citi’s Suva has a buy rating on Apple shares, and it raised its price target to $185 from $175.

Apple shares have fallen 3.8% in the past three months, as the Dow Jones Industrial Average DJIA,
lost 1.4%.

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