NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) - Get Reportwere down 0.91% to $121.26 in late morning trading Friday, despite getting an upbeat note by analysts at Nomura Securities this morning.

The firm initiated coverage with a "buy" rating and a $145 price target.

The firm expects the technology titan to extend its share gains in 2016, and believes the powerful iPhone 6 cycle leaves plenty of room for growth.

Analysts also see medium-term opportunity in the Chinese market and a long-term opportunity in other emerging markets.

Shares of Apple have risen about 10% so far this year, and have gained roughly 27% over the past 52 weeks.

Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.

The company is based in Cupertino, Calif.

Insight from TheStreet's Research Team:

Apple is a core holding of Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:

Apple ( AAPL:Nasdaq; $124.50; 820 shares; 3.97%; Sector: Technology): Apple shares traded down for the week as investors reacted to the company's earnings report with disappointment as iPhone sales were slightly lower than expected. The sales figure of 47.5 million missed the buy-side whisper number of above 50 million.

Fourth-quarter revenue guidance of $49 billion to $51 billion also fell slightly (about 1%) short of analyst estimates. We are more optimistic than the broader market seems to be, and believe Apple is still in the midst of a multiyear iPhone cycle given low penetration, a transformational super-cycle with the Apple Watch, strong momentum in China, potential new areas of innovation (i.e., streaming TV, the connected car) and a rapidly expanding digital ecosystem (i.e., Apple Pay, CarPlay, Apple Music, etc.).

Importantly, CEO Tim Cook mentioned on the conference call that a mere 27% of the iPhone install base has migrated to the 6/6 Plus, leaving plenty of room for sustained unit and revenue growth. Even more, we learned on the call that only 12% of China has 4G coverage, adding another layer of growth for the foreseeable future.

Looking forward, we believe India could be another big opportunity for Apple, as the company is starting to see strong demand for the iPhone and other products in the country. In fact, during the quarter, iPhone units in India doubled. We think India could be similar to the China opportunity five years ago. We reiterate our $150 target.

- Jim Cramer and Jack Mohr, ' Weekly Roundup' originally published 7/24/2015 on ActionAlertsPLUS.com.

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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

You can view the full analysis from the report here: AAPL Ratings Report