Apple shares rise premarket after Piper Jaffray says they are in a 'super-long cycle'

A survey of 400 iPhone buyers has bolstered Piper Jaffray analysts' expectations for the mix of iPhones to be sold in fiscal 2018, according to a note published Tuesday. "Specifically, we are modeling iPhone X to account for 38% of iPhones sold this year, essentially in-line with our survey at 35% of buyers intending to buy iPhone X," they wrote. "Our estimated mix of iPhone 8 in FY18 is 40% and our survey was exactly in-line at 40%." That has made the analysts confident that average selling price and revenue and EPS estimates are on track. Piper Jaffray is betting that Apple shares will continue to move higher in a "super-long cycle" versus a "super cycle". They reiterated their outperform rating on the stock and $200 price target. Apple shares rose 0.5% premarke, and have gained 46% in the last 12 months, while the S&P 500 has gained 19%.

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