Shares of Apple Inc. (AAPL) traded flat Monday despite a bullish note from one team of analysts on the Street suggesting that investors shouldn’t be too concerned over lower sales volume for iPhones in the next few years. (See also: Buy Apple, as BofA Sees Stock Surging on Tax Plan.)

RBC Capital’s Amit Daryanani indicates that what had been though to be a “supercycle” for the iPhone is now a “super-long cycle” as sales continue into consecutive quarters. He expects higher iPhone prices, with the debut of the iPhone X and iPhone 8, to offset less unit sales.

Bull Case 'More Powerful' Than 90 Days Ago

Daryanani reiterated his outperform rating on shares of the Cupertino, Calif.-based tech titan, along with a $180 price target, reflecting an approximate 15.3% gain from Monday close at $156.17 per share. AAPL stock has increased 34.8% year-to-date (YTD), outperforming the S&P 500, up 14.6% over the same period.

RBC’s upbeat note follows recent rumors regarding delays in production of the 10th anniversary iPhone X. Last week, analysts at Mizuho wrote that delays could hurt Apple’s guidance for this quarter when the firm reports on Nov. 2. This weekend, Nikkei Asian Review reported that Apple Chief Executive Officer Tim Cook is meeting with Terry Gou, the chairman of the smartphone maker’s main contract manufacturer, Foxconn Technology.

Despite the recent reports, the RBC analyst sees no reason for analysts to sell shares, writing that “the bull case on AAPL is more powerful today vs. 90-days ago as we morph from a ‘supercycle’ (20%+ unit growth) thesis to a ‘super-long’ cycle where units/revenues/EPS should grow double digit in FY18 and FY19.” Daryanani says Apple is on track to achieve earnings per share (EPS) of at least $11 in FY18 and potentially over $12 EPS in FY19, “driven by—Higher Average Selling Prices (ASPs), Higher Gross-margins but lower units (vs. buyside expectations 90-days ago).” (See also: Apple’s Segment Strategy Prompts KeyBanc Upgrade.)

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