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JPMorgan upgrades Apple supplier to an 'overweight' rating in anticipation of the iPhone 8

Shares of Apple's provider for circuit boards, TTM Technologies, spiked more than 9 percent on Tuesday after JP Morgan upgraded TTMI from "neutral" to "overweight" and raised its price target from $18 to $21.

JP Morgan Analyst Paul Coster attributed the upgrade to anticipation of a revenue upside and potential EPS (earnings per share) growth as the iPhone 8 release date nears. The analyst forecasts a 2017 EPS outlook of $1.58, a 2018 EPS outlook of $1.66 and 2019 EPS outlook of $1.72.

UBS upgraded Apple's earning outlook earlier today, attributing its upgrade to expectations of a higher priced anniversary edition iPhone and a boosted iPhone 8 cycle.

TTM Technologies closed at $15.73 per share on Monday.

TTM Technologies 2017 YTD