01:19 PM EDT, 05/03/2024 (MT Newswires) -- Apple ( AAPL ) delivered a "much better than feared" fiscal Q2 results with iPhone demand slowly turning the corner in China, Wedbush Securities said in a note Friday.

Wedbush analysts, including Daniel Ives, said that the tech giant had "a generally in-line iPhone quarter versus the doomsday calls that have caused many investors to hit the exit button on this stock the last few months."

"The all important China region will now start to show growth in the September quarter after delivering a "less bad" March quarter and signs of a turnaround beginning in the June quarter," the analysts said.

The company is also set to unveil its artificial intelligence strategy in June, with Wedbush expecting it to consist of an AI App Store that will the foundational starting point for developers and AI apps over the coming years.

"Apple ( AAPL ) remains one of our top tech picks for the year as this quarter reinforces our thesis that the worst is now behind Apple ( AAPL ) in

China," the analysts said. Wedbush kept its outperform rating and $250 price target on the stock.

Shares of Apple ( AAPL ) rose nearly 7% in recent trading.

Price: 184.94, Change: +11.91, Percent Change: +6.88