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Buy Apple on 'very healthy' iPhone demand: Pacific Crest analyst

Customers look at iPhones in an Apple store in New York.
Eduardo Munoz | Reuters

Investors should buy Apple shares due to multiple pieces of evidence pointing to solid iPhone demand, according to Pacific Crest, which reiterated its overweight rating.

"We recommend buying AAPL. We believe iPhone demand remains consistent with our sell-in expectations, which suggests Apple should meet or beat our overall estimates through 2016," analyst Andy Hargreaves wrote in a note to clients Sunday.

"This, along with optimism around the 2017 iPhone cycle, creates a favorable risk-reward around the stock, in our view."