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Will Apple (AAPL) Stock Rise as Bernstein Remains Bullish on iPhone Sales?

NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock is falling 0.98% to $92.82 in early afternoon trading Monday even though Bernstein analysts called shares of the iPhone maker inexpensive, while reiterating their "outperform" rating and a $135 price target on the Cupertino, CA-based company.

The iPhone 7 is expected to lead further sales growth for the popular mobile device, and declining margins can be offset by other segments, Bernstein analysts wrote in a note, according to Barron's.

"Service growth and margins will buoy any pressure in iPhone margins going forward, and investor sentiment is deeply skeptical, resulting in limited downside and very favorable...