Piper Jaffray analyst Michael Olson raised his price target for Apple Inc.  (AAPL) - Get Report to $190 from $158, implying a 27% upside for the stock following strong second-quarter earnings from the tech giant.

Olson said Apple's better-than-expected second quarter report on Tuesday and strong forward-looking guidance suggest fears that the iPhone would be delayed or short on availability might be overblown.

Olson recommended investors own shares into the launch. He reiterated his "overweight" rating on the stock for the Cupertino, Calif.-based company.

Apple traded up nearly 6% in premarket trading on Wednesday. Shares have risen almost 30% since the start of the year.

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