NEW YORK (TheStreet) -- Apple (AAPL) - Get Report shares are getting a boost, up 3.13% to $99.32 after Piper Jaffray issued a bullish note on the tech giant last night. The firm reiterated its "overweight" rating with a price target of $179.
"We believe shares of Apple could achieve upside of over 50% from current levels by the iPhone 7 launch in September," analyst Gene Munster said.
Valuation is currently attractive as the stock has been pressured over the past two months, in part due to the overall market pullback and concerns around supply reductions, the firm noted.
Analysts added that they are buyers of the stock going into next week's earnings.
Apple is scheduled to report its first quarter fiscal 2016 financial results on Tuesday after the market close.
Wall Street is expecting the company to earn $3.23 a share on revenue of $76.67 billion.
TheStreet Ratings currently has a Buy rating on the stock with a letter grade of A- for several reasons.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, notable return on equity and expanding profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL