Longbow Research analyst, Shawn Harrinson, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) and raised his price target to $173 despite now being in the "iPhone is delayed camp". The analyst is hearing of a pushout in the ramp of mass production until September or early
October. He reduced his FY4Q iPhone production forecast by 4M devices assuming the OLED iPhone ramps to 40-50% of shipments eventually, while the 243M FY18 iPhone production forecast is unchanged.

The analyst stated "After seeing no delay as of a few weeks ago, the wait is now longer for any iPhone super cycle with OLED iPhone production looking delayed by potentially 1-2 months. The good news is the supply chain is expecting to see year-over-year growth in iPhone volumes and conversations appear to corroborate a dynamic of pent up demand". The latter is the reason for the PT increase to $173 from $162.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $152.76 yesterday.