Raymond James raised its 12-month price target for Apple to $139 from $129, predicting a 20 percent rally in the stock due to stronger-than-expected sales of the new iPhone 7.
"We have seen substantial anecdotal evidence that iPhone 7/7 Plus preorder demand is up y/y [year over year] throughout the U.S. market, while 7 Plus preorder demand looks strong in multiple geographies based on wait time data from various Apple websites in international markets," wrote equity analyst Tavis McCourt in a note to clients Friday.
Following what he calls a "hangover" period of slowing sales when compared to the iPhone 6 model, McCourt predicts the tech behemoth will return to smartphone sales growth in the first quarter of 2017.
Since 2009, McCourt's recommendations have returned an average of 12 percent with a 66 percent success rate, according to TipRanks. That performance makes him a top 200 analyst on all of Wall Street, according to the site.