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Pro Analysis

Buy Apple on 'accelerating growth,' Pacific Crest says as it raises price target to $129

An Apple employee hands over Apple iPhone 7 phones at an Apple store on Sept. 16, 2016 in Berlin.
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An Apple employee hands over Apple iPhone 7 phones at an Apple store on Sept. 16, 2016 in Berlin.

Investors should buy Apple shares on the prospect of improving iPhone sales growth and the potential repatriation of international profits in the coming year, according to Pacific Crest, which reiterated its overweight rating and raised its Apple price target by 7 percent to $129.

"Accelerating growth should drive AAPL higher. ... We continue to recommend buying AAPL," analyst Andy Hargreaves wrote in a note to clients Wednesday.

"We believe current iPhone expectations are reasonable and see the potential for upside to Street profit expectations over the next year from strong app store sales, among other things."