Apple Inc. (NASDAQ:AAPL) announced its fiscal 2015 third quarter earnings report after market close on July 21. While the company grew revenue by 33%, put away $203 billion in cash, and expanded market share in nearly every product line, the tech giant still saw a run on its stock. Specifically, soon after releasing an upbeat earnings report, Apple's shares fell as much as 7% in after-hours trading, erasing about $60 billion in market value.

The technology giant posted earnings per share of $1.85 on revenue of $49.6 billion, beating expectations of $1.81 per share on $49.43 billion. In percentage terms, this is Apple's smallest EPS beat in two years, but analysts agree that the crumble in after-hours trading can be attributed to missed iPhones estimates.

While Apple sold 35% more iPhones in the fiscal third quarter compared to the same quarter a year earlier, iphone sales missed the analyst consensus estimate of $49 million, coming in at $47.5 million.

A handful of Wall Street analysts have weighed in on Apple in light of the company's recent Q3 earnings report.

On July 22, BMO Capital analyst Keith Bachman reiterated a Buy rating on Apple while maintaining his $145 price target, citing, “Apple delivered a very good quarter against high expectations.”

Bachman notes, “While Apple's FCF is always a highlight, this quarter was particularly strong.” He explains, “FCF was 26% of revenue in the June quarter, compared to 21% of revenue in the year earlier period.” Furthermore, “In the nine months ended June 2015, FCF is over $60 billion, or almost 48% y/y growth, compared with 30% y/y revenue growth.”

In regards to gross margin, the analyst points out “Apple generated gross margins of 39.7% vs. our estimate of 39.5% and guidance of 38.5-39.5%.” He continues, “Even with FX as an incremental headwind of 30 bps, we believe that gross margin guidance of 38.5-39.5% for the September quarter is conservative.” The analyst projects gross margins of 39.5% for the September quarter.