Apple (AAPL) - Get Report stock got a boost from a mostly bullish note from Nomura Instinet. Analyst Jeffrey Kvaal said solid demand for the iPhone 11 should help Apple navigate a likely tricky first quarter. 

The firm raised its first-quarter EPS estimate to $4.44 from $4.30 per share and full-year 2020 EPS estimate to $13 from $12.55 per share. The Street's consensus estimates for both time periods are $4.39 and $12.67 per share, respectively.

Nomura also raised its price target on Apple to $205 from $185, below its closing price, as the firm believes Apple's current multiple is unreasonable, considering its slowing growth. 

Despite that bearish tone, the firm's channel checks suggest that shipment times for the iPhone 11 and 11 Pro have held above 2018 levels since the devices were launched in the U.S. and China, with shipment for the 11 having yet to return to normal delivery time about three weeks after launch. 

For reference, the iPhone XR's shipment times returned to normal just two weeks after launch. The strength of the deliveries will also add to the services revenue that will be important for Apple's growth going forward, according to analyst Jeffrey Kvaal. 

"We expect the stronger iPhone volumes to boost wearable demand (anecdotal checks suggest healthy AirPod sales) and AppleCare subscriptions. We also believe the long-awaited recovery in China gaming revenue is upon us," Kvaal wrote. 

Apple shares are rising 0.76% to $228.74 Monday. 

Apple is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.