Apple has its 'Top Gun' moment as analysts praise execution amid challenging environment
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Apple (NASDAQ:AAPL) shares rose on Friday after the tech giant posted strong third-quarter results and said sales growth should accelerate, leading several Wall Street analysts to praise the company's operating strength.
Wedbush Securities analyst Dan Ives noted that Apple's (AAPL) results, especially in China, where revenue was only down 1% year-over-year despite Covid-related lockdowns, were indicative of the company's ability to navigate through issues, calling it a "Top Gun Maverick-like feat," referencing the global box office hit movie from Paramount (PARA).
Ives said that with an approximately $4B "headwind" already pushed out due to supply chain and China shutdown issues. "We would characterize this quarter as a major bullish statement on iPhone demand and Cupertino's ability to navigate a supply chain shortage in an impressive performance." Ives maintained his outperform rating and $200-a-share price target on Apple's (AAPL) stock. 
Apple (AAPL) shares rose nearly 2.5% to $161.14 in premarket trading. 
Speaking on a conference call to discuss Apple's (AAPL) results on Wednesday, neither Chief Executive Tim Cook, nor Chief Financial Officer Luca Maestri gave a formal earnings or revenue forecast for the company's fiscal fourth quarter. However, Cook said that Apple's (AAPL) sales should "accelerate" from over a year ago.
Wedbush's Ives expressed additional confidence in Apple (AAPL) as it appeared the company's supply chain issues were not as bad as feared. "[We are] more positive that Apple can navigate this economic storm with the demand and growth story well intact for the growth pillars of iPhones and Services front and center," Ives said.
Deutsche Bank analyst Sidney Ho, who has a buy rating and a $175-a-share price target on Apple (AAPL), noted that the company's gross margins were impressive, despite foreign exchange headwinds. 
Although Ho tweaked his earnings estimates for 2022 and 2023 to $5.98 a share and $6.65 a share, down from $6.03 a share and $6.75 a share, respectively, he added that the tech giant is a "good hiding place in a volatile market," citing its valuation. 
Evercore ISI analyst Amit Daryanani, who has an outperform rating on Apple (AAPL), slightly boosted his price target to $185 a share following the quarter, noting that the company is "uniquely positioned" to keep seeing mid-to-high single digit sales growth and low-to-mid-teens earnings growth as it continues to pull more levers across its user base.
Earlier this week, Apple (AAPL) reportedly poached a top executive from Italian luxury carmaker Lamborghini for its car project.