Apple Inc.'s (Apple (AAPL)) latest earnings report was a record-breaker for the March quarter, and Wall Street is mostly nodding in approval. The big worry heading in—rising memory costs—turned out to be manageable, and analysts are now focused on the company's AI ambitions and margin resilience.

BofA's Wamsi Mohan: Margins Resilient, AI Investment Expanding

Wamsi Mohan of BofA told CNBC on Friday that Apple effectively managed rising memory costs, easing a key concern. The company delivered a gross margin of 49.2%, well above its guidance range, and guided to only modest margin pressure in the near term. Mohan noted that Apple has multiple levers to sustain margins, including pricing adjustments tied to new product launches and continued growth in services.

He also highlighted a strategic shift in capital allocation: Apple is moving away from a net cash-neutral stance, which opens the door to increased investment. This flexibility allows Apple to expand spending on AI infrastructure and development, combining in-house capabilities with third-party models. Mohan maintained a positive outlook with a $330 price target, pointing to upcoming catalysts like AI-enabled Siri, new product cycles, and future innovations.

Deepwater's Gene Munster: AI Narrative Could Drive Re-Rating

Gene Munster of Deepwater Asset Management told CNBC on Friday that Apple's long-term opportunity hinges on its ability to leverage AI to drive product demand and reshape its growth trajectory. He emphasized that personalized AI could unlock several years of strong growth, with top-line expansion in the mid-single- to low-double-digit range.

Munster framed the key debate around whether Apple can shift market perception from lagging to competitive in AI. He said the company has the strongest opportunity among mega-cap peers to change that narrative, which could lead to valuation multiple expansion. He also noted that management's emphasis on upcoming product launches and WWDC signals growing confidence in Apple's AI capabilities, particularly around Siri and broader ecosystem integration.

Maxim's Tom Forte: Encouraging Results Despite iPhone Miss

Tom Forte of Maxim Group told CNBC on Friday that Apple's overall performance remained encouraging despite a slight shortfall in iPhone sales. He noted that iPhone revenue continued to grow strongly, approaching 20%, underscoring the durability of the product cycle. He added that Apple's ability to beat on both revenue and earnings despite this miss reflects solid execution across the business.

Forte also highlighted the importance of leadership transition and product innovation, underscoring the need for continued momentum beyond the iPhone's long-standing dominance. He said investors should watch how the company sustains growth through new products and AI-driven enhancements, while also monitoring margin trends and guidance in the coming quarters.

AAPL Price Action: Apple shares were up 3.67% at $281.32 during premarket trading on Friday. The stock is approaching its 52-week high of $288.62, according to market data.