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Buy Apple because iPhone sales expectations are ‘way too low,’ Cowen says

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Regis Duvignau | Reuters

Investors should buy Apple shares because its earnings will top estimates this year due to strong iPhone sales, according to Cowen.

The firm reiterated its outperform rating and raised its price target on the smartphone maker.

"Field work for both near-term iPhone 7/7+ supply and early read on iPhone new model builds support our long-held view that Street ests remain WAY TOO LOW for C2H:17 and C2018 as an aging base (esp in China) forms a powder keg for this launch," analyst Timothy Arcuri wrote in a note to clients Sunday.

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