A less iPhone-reliant Apple has Wall Street hopeful. Here's what 5 analysts said about the tech giant's earnings report.

Price target: Raised to $243 from $230

Rating: Overweight

The Piper Jaffray note focused on the impact a 5G upgrade cycle could have for the company.

"While still more than a year away, we believe the launch of a 5G iPhone could drive upgrades, especially as 5G network infrastructure improves and apps that leverage 5G permeate the App Store."

Share buybacks and consistent growth in non-iPhone segments "will tide investors over" until the next major iPhone release, the analysts said.

Price target: Reiterated $209

Rating: Neutral

"iPhone remains a sustained drag heading into what we view as a more incremental fall launch cycle and we expect tailwinds from robust growth in 'Other Products,'" a Credit Suisse analyst note detailed.

Strong growth from Apple Watch and AirPod sales should hold the company up before the iPhone's next major refresh, the team led by Matthew Cabral said. The collection of new services launching this fall — Apple TV+, Apple Card, and Apple Arcade — should also signal whether there's room for the Services business to continue its growth streak.

Price target: Raised to $185 from $180

Rating: Neutral

Though Nomura Instinet analysts boosted their target price, they found quarterly growth to land in less profitable sectors.

"We would have preferred a Services beat as Wearables carry lower margins," the team said. The note added iPhone demand was "better than feared," with trade-in promotions helping keep the phone's sales robust despite the minor update cycle first unveiled in September.

Price target: reiterated $150

Rating: Sell

"We remain concerned about the potential of a production cut after the September iPhone launch, which may impact guidance for the December quarter," Rosenblatt analyst Jun Zhang wrote in a Wednesday research note.

Though Zhang praised the company for its increased AirPod shipments, the analyst sees Apple as still depending on the iPhone to move forward. Stabilizing costs for memory and other device components will keep Apple from improving its gross margin.

"We believe the risks for the company to guide down will most likely occur in CQ4, after the new iPhone launch in September, and we think iPhone sales will continue to be disappointing."