Big Tech earnings season came to a strong close Thursday night, brought over the finish line by two of the largest companies Apple (AAPL) -) and Amazon (AMZN) -).
Amazon's stock jumped more than 8% in after-hours trading on excitement over an enormous beat and rosy guidance. Apple's stock fell more than 2% in light of weakening Mac and iPad sales and company expectations of more revenue declines for the September quarter.
And while those weaker components of Apple's earnings had some investors concerned, the prominent tech analyst Dan Ives as well as "Mad Money" host Jim Cramer remain incredibly bullish on Cupertino.
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IPhone and Services Strong: Ives
Ives, in response to the earnings, said he was raising his price target on Apple to $230 from $220.
"iPhones and services is what drives the stock and all we are focused on: and that was strong and guide healthy when factoring in [foreign-exchange] headwinds," Ives said. "Mac/iPad noise to us. IPhone 15 cycle on deck."
Ives said previously that he anticipated weaker September guidance with the highly anticipated iPhone 15 coming just around the corner. A quarter of the iPhone user base hasn't upgraded in more than four years, something he said would lead to a strong transition from the iPhone 14 to the iPhone 15.
"Solid Apple results with the all-important services beat front and center," Ives said. "Overall generally in-line quarter with all focus around China commentary, which was a source of strength in the quarter. This quarter takes a back seat to iPhone 15 drumroll for September."
Cramer: Own Apple, Don't Sell It
Cramer, referencing strong China sales, that all-important Apple installed base and, of course, the company's customer loyalty and satisfaction, doubled down on his approach to Apple: own it, don't sell it.
But the real force behind Cramer's Apple excitement is the coming Vision Pro, the high-priced spatial computing headset that Apple teased in June. When the Vision Pro launches, Cramer said, no one will be talking about any of Apple's many other product lines. Eighteen months from now, he said, the Vision Pro will take the spotlight.
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"This headset will blow your mind. When [CEO Tim Cook] and I talked, I explained the one thing I'm most worried about is the inability for people to see how amazing this device is. That's what his stores are for," Cramer said. "The stores will be the teachers."
Cramer, who called the Vision Pro a "bargain" at $3,500, reiterated that Apple is a stock to be held, at least for the next year or so.
"Do not sell the stock until we see this thing in the store," he said.
Cramer is a longtime fan of Apple, specifically because of its consumer base.
"The lifetime value of an Apple customer is worth more than any stream of revenue from any other customer product company in the world," he said in May.
