“UBS said in a note to investors on Tuesday that it’s reiterating its buy rating on Apple with a 12-month price target of $170,” Todd Haselton reports for CNBC. “The bank believes the upcoming [OLED] iPhone 8 has the potential for huge sales because of expected upgrades from phones sold in fiscal 2015.”

“UBS said it expects to see a surge of iPhone 6 owners upgrade next year, with the potential to make it a sales ‘supercycle,'” Haselton reports. “‘We expect a bulge of buying in F18 followed by some growth in F19,’ UBS analyst Steven Milunovich said in the note. ‘As the iPhone matures, investors should start to better appreciate the size of the installed base, which promotes hardware and services gains.””

“Milunovich said he expects September revenue guidance of $49 billion to $51 billion,” Haselton reports. “‘A guide below $49bn likely means a late release of the LCD models or a price cut.'”

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MacDailyNews Take: Vroom, vroom!