Apple will launch a new high-end iPhone model this year, analyst says

Key Points
  • Atlantic Equities raised its Apple price target to $165 from $140.
  • The firm also increased its fiscal 2018 Apple earnings per share forecast to $10.70 from $9.92.
Apple iPhone 7 mobile phones being sold.
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Investors should buy Apple shares as the company's next line of iPhones will drive earnings above Wall Street expectations, according to Atlantic Equities, which reiterated its overweight rating on the tech giant.

"The increase in our estimates is predicated on growing evidence that Apple will launch a premium-priced, redesigned iPhone later this year, alongside upgraded 7s and 7s Plus devices," analyst James Cordwell wrote in a note Friday.