William L. Moore
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Updated iPhone Demand Models Increase Steve Milunovich's Confidence In Apple

UBS analyst Steven Milunovich detailed in a note on Wednesday why he now has more confidence in Apple Inc. .

Milunovich updated his iPhone demand model and continues to expect "moderate single-digit" unit growth in fiscal 2017 followed by a "strong gain close to 20 percent" in fiscal 2018. The analyst added that he also has a "higher confidence in at least some growth" for the upcoming iPhone 7.

As such, Milunvocih raised his fiscal 2017 iPhone estimate from 207 million units to 222 million units, representing a 5 percent growth rate. His fiscal 2018 estimate was also bumped from 240 million units to 264 million units.