Evercore said that despite the various issues swirling around the company, it expects the stock to "grind higher."

"We are initiating on AAPL w/ an Outperform rating as we see several catalysts that should enable the stock to grind higher from current levels. While we understand iPhone units (and sales) will remain muted through FY20 (5G launch) the narrative has and continues to shift towards services and a higher mix of recurring revenue for AAPL. Key levers for upside include: a) services growing double-digits with potential acceleration given new revenue streams, b) gross margins inflecting higher for the remainder of the year given easing commodity costs and better leverage, c) cap allocation enables 2-4% share reduction, and d) non iPhone hardware sales inflect higher and have better margins."

Read more about this call here.