JPMorgan analyst Rod Hall raised his price target for Apple to $165 from $142 and added the shares to his firm's Analyst Focus List.
The stock closed Friday down 28c to $140.64. Hall "materially" raised his estimates for Apple on what he believes is "high pent-up replacement demand" heading into the 10th anniversary iPhone launch this year.
He raised his fiscal year 2018 iPhone unit forecast to 260M units from 245M. OLED supply should not be a limiting factor but will probably keep Apple from making two OLED models, Hall tells investors in a research note.
He expects multiple iPhone "Pro" features including 3D facial scanning, a glass heavy design, and a structured-light-enabled camera. The analyst reiterates an Overweight rating on Apple shares.
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