Benzinga | Sep 9, 2021 02:11PM EDT

Piper Sandler Analyst Sees 13% Upside Potential In Apple

* Piper Sandler analyst Harsh Kumar has raised the price target on Apple Inc (NASDAQ:AAPL) to $175 from $165, implying a 12.8% upside, and reiterated an Overweight.

* Kumar recently surveyed 1,000 Americans and found that only 6% plan to buy or upgrade to the iPhone 13 this fall and winter. "In our eyes, we were a bit surprised by the lack of interest in the upcoming iPhone launch," Kumar noted.

* However, based on conversations with multiple AT&T Inc (NYSE:T), Verizon Communications Inc (NYSE:VZ), and T-Mobile US Inc (NASDAQ:TMUS) stores, Kumar believes iPhone 12 demand "remains strong, as trade-in programs and overall strong features continue to push adoption."

* He sees the iPhone 13 "continuing the momentum, even if the features are mostly similar to the iPhone 12."

* Price Action: AAPL shares traded lower by 0.40% at $154.49 on the last check Thursday.