Wall Street analysts see Apple headed in the right direction after its earnings report Tuesday, but were less optimistic than the market.
"We continue to have a cautious view on Apple's Services growth sustainability over the coming quarters," analysts at Wells Fargo said.
's stock is surging after reporting first-quarter earnings, but Wall Street analysts were more breathing a sigh of relief than cheering the results.dropped 17% in the quarter, but upbeat commentary from CEO Tim Cook on China and wearables, along with a big stock buyback, stopped analysts from getting more negative on the stock, and in a few cases, even caused them to raise their price targets.
On China Cook noted, "We certainly feel a lot better than we did 90 days ago...We like the direction we're headed with iPhone and our goal now is to pick-up the pace." "While we acknowledge that a 22% decline in China revenue is far from a resurgence, Tim Cook did highlight that iPhone declines in the last few weeks of March were significantly smaller than they were to start the quarter," analyst Timothy O'Shea said.
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