Apple's stock is surging after earnings, but analysts aren't that impressed

and wearables, along with a big stock buyback, stopped analysts from getting more negative on the stock, and in a few cases, even caused them to raise their price targets.

On China Cook noted, "We certainly feel a lot better than we did 90 days ago. ... We like the direction we're headed with iPhone and our goal now is to pick up the pace." "While we acknowledge that a 22% decline in China revenue is far from a resurgence, Tim Cook did highlight that iPhone declines in the last few weeks of March were significantly smaller than they were to start the quarter," analyst Timothy O'Shea said.

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