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Pro Analysis

Apple to rally more than 30% on next year's iPhone and services growth, Piper Jaffray says

The new iPhone 7 is displayed on a table at an Apple store in Manhattan on September 16, 2016 in New York City.
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The new iPhone 7 is displayed on a table at an Apple store in Manhattan on September 16, 2016 in New York City.

Piper Jaffray resumed coverage of Apple shares with an overweight rating due to likely strong demand for the new iPhone in 2017 and the company's highly profitable services business.

"Our confidence is based on an expectation for growing anticipation around iPhone X (aka iPhone 8) and a favorable long-term trajectory for services growth," analyst Michael Olson wrote in a note to clients Friday.

Olson's Apple price target is $155, representing 34 percent upside from Thursday close.