Apple Inc. AAPL 0.6%‘s business is so powerful that even its iPhone accessories can drive supplier growth. That is the argument that KeyBanc analyst John Vinh makes in a new report on Cirrus Logic, Inc. CRUS 0.84%.

“Despite uncertainty associated with the iPhone’s future growth prospects, CRUS represents one of [the] few semiconductor companies that still has significant growth opportunities in mobile over the next several years,” Vinh explained.

KeyBanc expects that Apple will ship earbuds with every iPhone 7, but the material costs associated with the earbuds suggests a $50 price target if they are not included with the devices. Vinh believes this price is extremely favorable for consumers next to the comparable $300 Bose noise-canceling earbuds.

Between iPhone 7 demand and sales to owners of other older models, Vinh estimates…

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