Brean Capital analyst Ananda Baruah weighs in on Apple Inc. (NASDAQ:AAPL) following its third quarter results. The tech giant just reported revenue for its third financial quarter of the fiscal year of $42.4 billion with earnings per share of $1.42. These results landed slightly above that of consensus of $42.1 billion expected in revenue and $1.38 in earnings per share. Meanwhile, Apple’s guidance for its fourth quarter expects revenue in the range between $45.5 and $47.5 billion, just under consensus expectations of $45.7 billion.

In light of a solid third quarter, Baruah reiterates a Buy with a price target of $125.00, marking a 21% upside from where shares last closed. Apple has indicated its intentions to stop reducing AAPL channel inventory, although to the analyst, “it sounded like they reserve the right to take out more given softer macro.”

Apple’s key asset, it’s iPhone, has performed well for the most part internationally, even doubling its year-over-year in Russia. Baruah indicates, “For now, we’re sticking with our 40M estimate at 10% ASP growth Q/ Q, although we suspect that folks will feel a bit more emboldened around Street at 43M. We note that while AAPL is typically a conservative guider, our hunch is that this guide is likely more representative of what Sep Q numbers ultimately look like.” Baruah models his September quarter ASP guidance at around $650. Especially following Apple CEO Tim Cook’s maintained optimism and considering that just in two years, the company has gained 47% growth in iPhone units, Baruah feels bullish for AAPL.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, Ananda Baruah is ranked #1,273 out of 4,087 analysts. Baruah upholds a steady success rate of 55%, maintaining an average in annual returns of 1.4%.

TipRanks analytics exhibit AAPL as a Strong Buy. Based on 40 analyst recommendations in the last 3 months, 85% rate a Buy, 10% maintain a Hold, and the remaining 5% issue a Sell. The 12-month average price target for AAPL stock stands at $124.00, marking a 20% upside from where the stock is currently trading.