“Expectations were low for Apple’s third-quarter results yet they blew past Wall Street estimates, sending shares 6.6% higher in recent Wednesday trading to $103.01,” Teresa Rivas reports for Barron’s.

“Apple bulls are breathing a sigh of relief as the results suggest the company can deliver growth with future products. We agree, and think the stock, which remains more than 20% below its 2015 high, is a buy,” Rivas reports. “‘The big picture is that iPhone sell through has sustained somewhat better than we had forecasted, and therefore we expect year-over-year declines more moderated over the next two quarters before a return to growth in March,’ writes Raymond James’ Tavis McCourt, who upgraded Apple from Market Perform to Outperform, with a $129 price target on the earnings report. ‘We expect the 2017 iPhone product cycle to be better than average.'”

Rivas reports, “‘We continue to believe that Apple will return to growth in Dec 2016 via consumer interest in the iPhone 7 combined with easier comparable sales,’ writes Piper Jaffray’s Gene Munster, who notes that disappointment with the next iPhone model — which should launch this fall — remains one of investors’ biggest concerns ‘suggesting that a super cycle is not priced in and investors are not looking past this year’s device.'”

Read more in the full article here.

MacDailyNews Take: Even without a unique exterior design, there is much pent-up iPhone demand just waiting for the iPhone 7. We believe Apple’s next-gen iPhone series, due in less than two months, will be significantly more compelling than the widespread “this year’s iPhone will be boring” meme claims.

Analyst: Apple’s iPhone 7 will see 12% growth over iPhone 6s – July 11, 2016
Study: Half of all current iPhone owners will upgrade to Apple’s next-gen iPhone – July 7, 2016
Pacific Crest: iPhone users grew by over 70 million during the iPhone 6 cycle and will drive significant growth in upgrade volume – May 23, 2016