NEW YORK (TheStreet) -- Shares of Apple (AAPL - Get Report) were higher in late-morning trade on Friday as Drexel Hamilton said that the Cupertino, CA-based iPhone maker could benefit from battery problems in competitor Samsung's (SSNLF) Galaxy Note7, according to a note cited by Barron's.

Samsung released a statement today saying its Galaxy Note7 tablets are suffering from a battery cell issue.

As of Friday, there have been 35 cases of defective cells in the tablet reported globally. The company has stopped sales of the Note7 and is issuing replacements for devices already sold.

Drexel said that "the timing could not have been more propitious for Apple" as the company prepares to launch the iPhone 7.

"With market expectations for well over 10 million Galaxy Note7 units in the second half of 2016, we believe this issue could bode well for Apple and specifically the iPhone 7 Plus with dual camera that is expected to be unveiled next week," the firm said, according to Barron's.

Drexel added that images of burning Galaxy Note7 devices in the media "will cause some damage" to Samsung's brand.

The firm has a "buy" rating and $185 price target on Apple shares.

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Separately, 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.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: AAPL