Drexel Hamilton analyst Brian J. White is telling investors to buy into the weakness in Apple (NASDAQ: AAPL) on the iPhone 8 'gloom and doom'. The firm reiterated its Buy rating and price target of $208.00.

"Apple's stock is weak on the back of media reports around order cuts for the iPhone 8/8 Plus and we would be aggressive buyers of the stock with the iPhone X cycle kicking off next Friday with pre-orders," White commented.

The analyst highlighted that overnight United Daily News (UDN) reported that Apple cut supply chain orders by half in November and December for the iPhone 8/8 Plus. "Given the staggered launch during this cycle with the iPhone 8/8 Plus becoming available for pre-order on September 15 and the iPhone X on October 27, we believe this is causing more confusing data points relative to past cycles," he commented. "Even during some of the best iPhone cycles, Apple cuts forecasts."

White said there are many moving pieces to this iPhone cycle that should not be overlooked. "For example, most of the people that we speak to in the U.S., and a common theme during our China Tech Tour, is that consumers are waiting on the iPhone X. Moreover, we believe the iPhone 7/7 Plus is benefitting from incremental demand as consumers can take advantage of the recent price cuts in light of the iPhone 8/8 Plus introduction."

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 $159.76 yesterday.