(NASDAQ: AAPL) reported earnings results for the March-ending quarter consistent with Wall Street's expectations, but investors were quick to brush off the company's weak revenue performance. The share price closed yesterday at $173, but jumped 6% today following positive commentary on the earnings call around Apple's artificial intelligence (AI) opportunities.

Bank of America today kept a buy rating on the shares and bumped its price target from $225 to $230. Let's dive deeper into the reasons behind the call.

Apple posted revenue of $90.8 billion in the quarter, down 4% year over year, driven by declines in iPhone, iPad, and wearables, home, and accessories. Mac and services were the only two categories that reported growth in the quarter, but BofA analysts see a strong sales cycle upcoming for the iPhone that could boost Apple's growth.

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Source Fool.com