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The iPhone 7 cycle will be tepid, but investors should buy Apple for the iPhone 8 "super cycle," according to Credit Suisse.
"We conclude that the iPhone 7 will prove to be a modest upgrade, with significant innovations pushed out to the iPhone 8. ... We note that iPhone units will still grow from this year's base, but the recovery is likely to be more muted," Credit Suisse's Kulbinder Garcha wrote in a note to clients Wednesday.
The analyst reiterated his outperform rating and $150 price target, representing 54 percent upside from Tuesday's close. But he did cut his 2017 EPS estimate by 5 percent to $9.67 a share because of the somewhat disappointing iPhone 7.
Here's what he wrote: