The stock market is stumbling Monday morning, but shares of Apple (AAPL) - Get Report are only down slightly following a positive analyst note. JPMorgan put Apple on its Focus List with a $165 price target.
The bullish case is based on an increase in iPhone unit sales, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
The analyst, Rod Hall, believes there will be "high pent-up replacement demand" for the iPhone and thus raised his sales estimate to 260 million units, up from 245 million units.
This news goes alongside a report that Taiwan Semiconductor (TSM) - Get Report will manufacture 100 million A11 chips for the iPhone 8 and on news that Apple has won a Chinese court case regarding patent infringement.
Cramer wondered if the good news would be enough to push Apple higher, bringing the stock market up as well. Apple is well off its morning lows and the overall market is seeing a slight bounce. For now, though, both remain in negative territory.
Either way, this is a "major push" from a big firm, Cramer said of JPMorgan's research note.
At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.