iPhone 7 Is The Early Theme For Bullish Analysts Following Apple's Q1 Report

iPhone 7 is now on the clock.

Apple Inc. AAPL released its Q1 2016 earnings after Tuesday's closing bell. The company reported Q1 EPS of $3.28 versus analyst expectations of $3.23. Revenue came in at $75.87 billion, below the $76.59 billion estimates.

Drexel Hamilton analyst Brian White said Apple investors are now looking forward to ramp of iPhone 7.

White was pleased with Apple's report, noting that gross margins (40.0 percent) beat estimates. He maintained a Buy rating and $200 price target.

Related Link: Apple's iPhone, iPad And Mac Sales All Missed Estimates

For Piper Jaffray's Gene Munster, Apple is still the top pick of 2016.

Apple guided March revenue to $50-53 billion vs. the Street's $55.6 billion. Munster said, "Our first take is that we believe this implies around 50-52 million iPhones for March vs the Street's 54.6 million and the buy side's thinking for 48-50 million. 51 million iPhones in Mar-16 would be down 17% y/y."

"Overall we believe the guide estimates the biggest overhang on the stock of how to think about iPhone units in march and will also result in the reset of June expectations," Munster said. "We continue to expect the multiple on AAPL to expand as we move toward the iPhone 7 launch in September."

With March and June iPhone numbers now reset, Piper believes investors "will have more confidence to invest in AAPL in anticipation of catalysts in mid- and late-2016."

Don't miss Gene Munster tomorrow morning on PreMarket Prep to discuss Apple's call.

Shares of Apple recently traded at $97.45, down 2.5 percent in the after-hours session.