Apple could end up selling at least 10 million more iPhone 8s in 2016 than was previously estimated, according to analysts at Mizuho. Data from Apple suppliers shows that the tech giant could sell 225 million units this year, higher than prior expectations for 213 million handsets, the firm said. If Apple sold 225 million iPhone 8s, that would represent an 11% increase year-over-year. 

Mizuho subsequently raised Apple's stock price target to $150 from $135 while maintaining its Buy rating. Shares of Apple were slightly higher by 0.3% to $137.08 on Monday afternoon. The stock is up 18.35% year to date. 

In a bull scenario, Apple would sell as many as 240 million iPhone 8s if it experiences "exceptionally strong" demand, Mizuho noted. Part of the positive demand expectations stem from the fact that the iPhone 8 is being released in honor of the legacy smartphone's 10th anniversary, a milestone that many experts say will prompt Apple to introduce several new, advanced features to the upcoming model.

The iPhone 8 is likely to have a bezel-less organic LED display, 3D sensing technology for facial recognition, some augmented reality capabilities, wireless charging and improved dual cameras. The home button could also be removed to make way for virtual buttons. 

Those new features could catalyze iPhone users with aging devices - estimated to be between 500 million and 600 million users - to upgrade to the new iPhone 8, Mizuho said. 

Source: thestreet