Analyst Brian White from Drexel Hamilton provided his insights and forecasts for Apple Inc. (NASDAQ:AAPL) following its much anticipated third-quarter earnings. Over the past few months Apple has been experiencing a “gloom and doom” sentiment surrounding the company, similar to what it went through in the summer of 2013. White anticipates Apple to go through a similar storyline as 2013 with this summer acting as a “bottoming process” for Apple before it picks up.

Apple reported sales of $42.36 billion, down 15% YoY, and EPS of $1.42. Despite the decline from last year, these numbers beat sales estimates of $42.05 billion and EPS estimates of $1.37. Additionally, Apple beat expectations for gross and operating margins.

The biggest question surrounding Apple has been if it can pick up its iPhone sales. Even though it reported a 15% YoY decline in iPhone sales, Apple beat expectations by close to 2 million units. Apple reported iPad and Mac sales that beat expectations as well. A cause for concern is Apple’s sales in China which fell by 33% YoY. This decline is credited to increased competition from Chinese company Huawei.

White thinks that Apple’s 4Q outlook is strong “and a positive sign heading into a new iPhone cycle.” Apple is anticipating fourth quarter sales of $45.5-$47.5 billion with an EPS of $1.62.

The analyst reiterated his Buy rating with a price target of $185, marking a 91% increase from current levels.

According to TipRanks, the analyst has a yearly average return of 9% and a 60% success rate. The analyst has a 18.1% average return when recommending Apple, and is ranked #102 out of 4,079 analysts.

TipRanks shows that out of the 38 analysts who rated Apple in the last 3 months, 82% gave a Buy rating, 13% gave a Hold rating and 5% gave a Sell rating. The average 12-month price target for the stock is $123.94, marking a 28.21% upside from current levels.