Despite concerns of negative effects on Apple Inc. (NASDAQ:AAPL) due to the continuous decline in the Chinese stock market, which dropped 7.6% by market close on Tuesday, analysts continue to remain bullish about the stock. This positive outlook comes following the plummet in the value of shares after the release of its fiscal third quarter earnings results in July and the subsequent reaching of its lowest point since January at the beginning of August. Share prices have continued to decline since then, falling particularly swiftly after the ongoing downturn in the Chinese stock market , with opening prices on August 24 setting a new 52-week low of $92.00.

Apple CEO Tim Cook intimated in an email to Jim Cramer of CNBC on August 24 that Apple’s business in China remains strong, which prompted a recovery in the stock price in subsequent hours of trading. This recovery also followed persuasive projections by analysts claiming future recovery of the stock. The company’s shares opened on Monday at $94.87, close to its 52-week low, and closed at $104.70.

Analysts qualify their confidence in Apple by citing their belief that the stock will rebound in the medium term as investors adjust to the decline of the Chinese stock market. On August 24, Brian White of Cantor Fitzgerald reiterated a Buy rating on Apple, setting his price target at $195. White supports his analysis by insisting on the highly likely future growth of the company and claiming that the current concern over the Chinese market is exaggerated. White draws attention to continuously expanding international brand reception, ongoing iPhone 6 sales, improvement in Apple Watch sales, expansion into emerging markets, and further development into the Chinese market. White claims that “… we highly doubt even a global recession would drive our CY:16 EPS projections to come in 50% below our projections.”  He elaborated that even if CY:16 EPS projections are half of Cantor Fitzgerald’s forecast, the stock will trade at 14.5x the CY:16 projection.

Brian White has an overall success rate of 50% recommending stocks and an average return of +9.8% when measured over a one-year horizon and no benchmark. The analyst has rated Apple a total of 117 since 2012, earning a 65% success rate recommending the stock and a 21.3% average return per Apple recommendation.

Similarly on August 24, BMO Capital’s Keith Bachman reiterated a Buy rating on Apple with a price target of $145. Bachman supports his analysis by assessing Apple’s valuation relative to previous trough multiples. Bachman attempts to contextualize Apple’s outlook within the Chinese market situation, assessing different scenarios of Chinese growth revenue. In conclusion, Bachman states: “ If we assume that 1) our current estimates for AAPL are reasonable, and 2) AAPL reaches trough multiples for NTM P/E, relative P/E and FCF, then the average of our noted trough multiples would suggest a value of about $99. Hence, we believe that investors are already assuming that AAPL estimates move lower over the next few quarters.”

On average, Keith Bachman has an overall success rate of 56% and an average return of +18.5% when measured over a one-year horizon and no benchmark. The analyst has rated Apple a total of 78 times since 2009, earning a 66% success rate recommending the company and a 30.3% average return per Apple recommendation.

Out of 33 analysts rating Apple polled by TipRanks within the past three months, 23 are bullish, 9 are neutral, and 1 is bearish. The average 12-month price target for Apple is $149.33, marking a 44.81% potential upside from where the stock last closed. On average, the all-analyst consensus for Apple is Moderate Buy.