The market warmed to 's (NASDAQ: AAPL) recent fiscal second-quarter earnings report, as did an analyst at J.P. Morgan, a heavyweight financial company. The analyst raised the price target from $210 to $225 per share while maintaining an "overweight" rating.

The upgrade follows a good set of results from the company that allayed fears over lagging iPhone sales, particularly in China. That might sound surprising in light of the fact that iPhone sales did decline 10.4% year over year in the quarter to $45.96 billion.

However, as management noted on the earnings call, last year's fiscal second-quarter iPhone revenue was boosted by a "one-time impact" that added $5 billion to its sales, as it filled pent-up demand resulting from pandemic-related supply chain disruptions. Apple CEO Tim Cook said, "Our March quarter total company revenue this year would have grown," excluding this impact.

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Source Fool.com