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Morgan Stanley's Katy Huberty said the new iPhone from Apple later this year will be so innovative that a rush of people will upgrade, driving much higher sales than the rest of Wall Street currently expects.
"We do not think the super cycle is fully appreciated," Huberty told CNBC PRO in an exclusive interview. "What we expect in September is a phone that has significant advancements in technology: OLED screens, 3-D sensors, wireless charging [and] likely some more advanced software in the area of artificial intelligence."
The analyst projects 20 percent unit growth for the iPhone in fiscal 2018, double Wall Street's current 10 percent growth estimate. Huberty said her "bull case" calls for 30 percent unit growth in the period.
Huberty, who also covers IBM, has one of the best track records among analysts on Wall Street, with her picks posting an average one-year return of 12.6 percent since 2009, according to TipRanks, a Wall Street tracking service. She joined Morgan Stanley in 2000 and is a member of the Institutional Investor All-America Research Team.
Also in her discussion with CNBC's Michael Santoli, Huberty talks about: