RBC Capital Mkts reiterated their Outperform rating on Apple Inc.(NASDAQ: AAPL) today. The stock rose over 0.09% on September 1st, 2017 (as 12:25PM EDT; Source: Google finance). This tech stock is launching their next iPhone on September 12.

RBC Capital reported that they see Apple’s clients to mostly upgrade their current phones boosted by the features like better memory storage, and camera, wireless charging, and powerful processor before a new screen. As per the RBC results who surveyed 1,138 current iPhone users, 65% intend to buy new phone. Six percent of respondents reported that the bezel-less screen is the most attractive feature rumored to be on the new phone, while 35% said wireless charging was the most attractive feature. Amit Daryanani from RBC Capital sees a sizable pent up demand and excitement for the iPhone 8 launch. This coupled with a 700 million-plus iPhone install base with extended replacement cycles would generate a super cycle.

Apple reported a revenue of $45.4 billion for the third quarter of 2017 while EPS rose 17% to $1.67. Revenue rose 7% on a yoy basis driven by all-time quarterly record for Services revenue. The group returned $11.7 billion to investors during the quarter, leading to a cumulative capital returns to over $223 billion. The stock reported a cash dividend of $0.63 per share payable on August 17, 2017. Americas and Europe segments generated a revenue rise of 13% yoy and 11% yoy respectively during the third quarter of 2017. But greter china revenues lost 10% on a yoy basis while Japan showed a rise of only 3%. Mac delivered a solid 7% yoy revenue rise during the quarter while iPhone and iPad rose 3% aand 2% respectively.

For the fourth quarter of 2017, Apple forecasts a revenue in the range of $49 billion and $52 billion while gross margin is forecasted to be in the range of 37.5 percent and 38 percent. Apple has a target price of $170.55 with a moderate buy rating from 34 analysts’ consensus target price (Source: tipranks.com)