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The Ratings Game

Are thousand-dollar iPhones now a necessity? From reactions to Apple earnings, you sure might think so.

Analysts are impressed with the resilience of iPhone sales in a tough economy

An Evercore analyst says iPhones are proving to be a ‘consumer staple,’ not a discretionary buy.

MarketWatch photo illustration/iStockphoto, Apple

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Turns out thousand-dollar smartphones are still proving to be essential purchases in a tough economy.

That’s the view of Evercore ISI analyst Amit Daryanani, who said that Apple Inc.’s AAPL latest quarterly results “validate not just the diversity of Apple’s revenue stream,” but also showcase “the ‘consumer staple’ nature of iPhones,” whereas investors may see the iPhones more as “a discretionary technology product.”