Drexel Hamilton top analyst Brian White offers commentary on tech giant Apple Inc. (NASDAQ:AAPL), discovering that as of this morning, the majority of companies in the analyst’s Apple Monitor have reported July sales with a performance outclassing historical averages. As the ramp of the iPhone 7 begins to bolster sales, White reiterates a Buy rating on Apple with a price target of $185, which marks a 49% increase from where the shares last closed.

Worthy of note, White highlights that in ten consecutive years of performance, this July’s results for the Apple Monitor reveal July’s performance ranks second-best in a decade. The sales have risen by 14% to 15% MOM, which White notes is significantly more robust than the average 9% increase throughout the past eleven years.

White asserts, “We believe Apple’s better than expected 3Q:FY16 performance and 4Q:FY16 outlook a couple weeks ago has started a shift in sentiment away from the “gloom and doom” mentality that has engulfed the Apple story this year. Similar to the summer of 2013, we believe this summer will prove to be a bottoming process for Apple’s stock with our estimates indicating that the sales and profit cycle bottomed in 3Q:FY16.”

While the analyst believes there have been a series of misconceptions circling the past two quarters of iPhone unit declines, the analyst finds these concerns vastly “overblown.” White fully expects iPhone unit growth to surge back by second quarter of the fiscal year of 2017 with the rise of the iPhone 7.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to provide perspective on the effect it has on stock performance. According to TipRanks, five-star top analyst Brian White has earned a ranking of #77 out of 4,105 analysts. White carries a 62% success rate and realizes 9.3% in his annual returns. When recommending AAPL, White sees 20% in average profits on the stock.

TipRanks analytics exhibit AAPL as a Strong Buy. Based on 39 analysts polled by TipRanks in the last 3 months, 33 rate a Buy rating on shares of the stock, 4 maintain a Hold, and 2 issue a Sell. The consensus price target for Apple stands at $124.03, which represents a 14% upside from where the stock is currently trading.

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