Apple Inc. AAPL 1.11%‘s stock has traded mostly in line with the S&P 500 in the past year ahead of what many analysts anticipate will be the biggest iPhone upgrade in years in 2017. The iPhone 8 will mark the 10-year anniversary of the original iPhone. Over the past decade, the iPhone has become one of the most successful products of all time.

Nomura is bullish on Apple’s stock headed into 2017 ahead of an iPhone 8 super-cycle. In a recent note, analyst Jeffrey Kvaal dialed back the firm’s projections for March and June quarters iPhone 7 Plus demand. However, Kvaal believes this muted iPhone 7 Plus demand will simply be pushed back to the iPhone 8 cycle. Nomura believes the Street is not fully appreciating the potential of the iPhone 8 cycle.

“Consensus models but modest growth in Dec-18 unit volumes, despite an iOS subscriber base that will be 45–50 percent larger than the prior iPhone 6 supercycle,” Kvaal explained.

Nomura has reduced its fiscal 2017 EPS estimates for Apple from $9.23 to $9.01. The firm is calling…

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