As shares of tech behemoth Apple Inc. (AAPL) surge nearly 40% in 2017 versus the S&P 500’s 10% gain over the same period, one team of analysts foresees further upside in shares ahead of the tech giant’s anticipated new product releases slated for mid-September.

“We continue to believe that Apple offers attractive risk reward,” wrote Bernstein’s Toni Sacconaghi in a research note this week. The analyst, reiterating an outperform rating on AAPL, notes that the stock multiple is still less than it was at the time of the iPhone 6 unveiling in 2015. Bernstein foresees a $999 priced iPhone 8 adding $0.70 to his fiscal 2018 earnings per share (EPS) estimate, now at $11.05. (See also: Apple iPhone 8: Leak ‘Confirms’ a Price of $999.)

What About Samsung?

“As Apple’s stock sits at all-time highs and as the highly anticipated iPhone 8 launch approaches, many investors have asked how to play AAPL from here,” wrote the analyst, highlighting three main reasons the stock could surge higher.

First, Sacconaghi suggests that the consensus' view on average selling prices (ASPs) and units of the iPhone 8 “may still be too conservative,” while Apple's stock has “continued to outperform in iPhone cycles that have exceeded investor expectations." The analyst also noted that AAPL is trading “comfortably below its peak relative multiple during its last iPhone super-cycle,” in which it would trade at $186 versus $161.91 at Wednesday close. Further, Bernstein suggests that, “the potential contribution from currency and other products (HomePod, LTE Watch) may be material."

In response to fears that consumers will shy away from the iPhone 8 in turn for cheaper options, Sacconaghi notes, “such pricing is not entirely outlandish, given Samsung’s recent launch of the Galaxy Note 8 pricing that has a starting price tag of $960.” (See also: Apple iPhone 8 Won’t Stop Market Share Loss: IDC.)

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