The so-called "super-cycle" for Apple Inc. (AAPL) hasn't panned out the way many analysts had hoped.

Make no mistake, Action Alerts Plus holding Apple still had an impressive quarter for the iPhone. While unit sales were strong and guidance was good, it wasn't quite what many analysts were looking for.

That's despite the introduction of the iPhone X, which carries a starting price tag of $999.

Despite unit sales not coming in quite as high as many top bulls were looking for, the bottom line continues to impress. Because of the more expensive mix of iPhones, the average selling price (ASP) jumped from $695 in 2017's fiscal first quarter to $796 in 2018's fiscal first quarter. This 14.5% increase in the ASP allowed iPhone revenue to explode.

Even though Apple's iPhone cycle can be bumpy, there's at least one analyst who sees the company extending it into a "super-long" iPhone cycle.

Piper Jaffray analyst Michael Olsen surveyed 1,500 iPhone users who did not upgrade to the more expensive iPhone X this year. Because of recent reports suggesting Apple is working on a cheaper unit and a larger screen iPhone X, Olsen wanted to see if these factors would help lure in some of those who didn't upgrade to the new device.

Ultimately, he found that 40% of respondents said these factors would "address the concerns" they had on the device. Because he sees the iPhone cycle continuing for some time, he says investors can continue owning the stock.

Olsen maintains his overweight rating and $200 price target, implying about 14.3% upside from current levels.

Baird analyst Willam Power also has an overweight rating and $200 price target on Apple. On Monday, he too released the results of his survey findings. Interest in the Apple HomePod seems "solid"  and the Apple Watch should continuing taking market share, he contends. 

He's optimistic on the company due to its engrossing ecosystem, even at a time where smartphone demand seems tepid.

Apple stock ended well off its session lows, closing higher by 0.35% to $176.82 Monday.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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