Apple’s (AAPL) stronger-than-expected fiscal fourth quarter boosted its stock on Thursday, and has set the tech giant up for further success despite softer sales of its flagship device, according to Wall Street analysts.

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The iPhone maker on Wednesday reported profit and revenue that beat Wall Street’s estimates, bolstered mainly by the company’s pivot to services and strong performance in wearables.

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“Looking into [2020], Apple is in the midst of a perfect storm, with current iPhone performing at-or-above plan, non-iPhone (especially wearables and services) trending better than expected and growing anticipation for 5G iPhones that will be coming late in the fiscal year,” Piper analyst Michael Olson wrote, who raised his price target on the stock to $270 from $243.

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On September 10, Apple unveiled its new line of flagship smartphone — which consists of the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. According to Wedbush's Dan Ives, demand for the iPhone 11 in China is tracking 15% to 20% above expectations, and U.S. consumers are also believed to be snapping up more of the units.

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Bank of America-Merrill Lynch also got bullish about Apple on Thursday, matching Piper’s new price target of $270.