“Apple was hit hard by the markets’ selloff in recent weeks, although there have been a number of voices arguing that it’s a buying opportunity,” Teresa Rivas reports for Barron’s.

“You can add Brean Capital to that camp. Analyst Ananda Baruah reiterated a Buy rating and $170 price target on the stock Monday,” Rivas reports, “writing that he sees earnings upside for both the September and December quarters, and that the shares should trade back above $130 in the second half of the year.”

Rivas reports, “Ultimately, he sees iPhone shipments through 2017 boosting EPS, along with higher gross margins (thanks to Apple shipping more 6 Plus iPhones than originally thought), and more operational expenditure leverage through 2016 as the company reaps the benefits from its iPhone and iWatch investment cycles.”

Read more in the full article here.

MacDailyNews Take: Baruah’s pining for a cheap (“lower functional”) iPhone for emerging markets shows that he does not understand the company he purports to be analyzing. If Apple wants to tap into emerging markets, they will do so with real iPhones, not watered down junk. Apple doesn’t do watered down junk. Apple doesn’t chase market share for the sake of market share. Apple sells premium products at premium prices to premium customers.