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JPMorgan analyst Samik Chatterjee raised the firm's price target on Apple (AAPL) to $180 from $175 and reiterates an Overweight rating on the shares.

The analyst continues to see Apple shares set up for "multiple catalysts" into the back end of this year, including the upcoming iPhone 13 launch and "low investor expectations" for iPhone and total revenue for fiscal 2022, led by concerns relative to cycling past the peak upgrade cycle associated with 5G. Chatterjee increased his 2022 iPhone volume estimates to 246M units and sees "substantial upside" relative to consensus expectations.

Estimated moderation in the upgrade rate to iPhone 13 relative to iPhone 12 will be offset by the higher volumes for the lower-priced phone, as the 5G enabled iPhone SE to be launched in 2022 provides upside "through the upgrade of a large installed base that is looking for a more affordable 5G device," Chatterjee tells investors in a research note.