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Analysts at JPMorgan initiated coverage of Apple supplier Jabil Circuit at overweight, forecasting added gains ahead of the iPhone 8's so-called super cycle. Jabil supplies Apple with the plastic and metal encasements used to house iPhones and iPads.
After Apple beat Wall Street expectations on both the top and bottom line Tuesday evening, shares of Apple traded at record highs around $157 while Jabil stock also rose, to around $31 per share on Wednesday.
Apple shares settled at $157.14 after the closing bell, up 5 percent from Tuesday's close.
"Apple's next generation of iPhones will incorporate OLED, 3D sensing, innovative casing that will benefit Jabil directly," wrote JPMorgan analyst Paul Coster. "We believe Jabil should post about 15 percent EPS growth on about 3 percent revenue growth through fiscal year 2019."