Piper Jaffray top analyst Gene Munster conducts a survey every Apple Inc. (NASDAQ:AAPL) iPhone launch of the eager consumers waiting in line to hold the next cycle’s upgraded phone. However, in comparison to last year’s results, Munster underscores¬†a more limited sample size, a consequence of shorter lines coupled with fundamental line set-up differences.

Nonetheless, Munster remains bullish on the tech giant, reiterating an Overweight rating on AAPL with a price target of $151, which represents a nearly 32% increase from where the shares last closed.

One interesting result the survey revealed underscores that 98% of buyers in line for the iPhone 7 already own and use iPhones, with the other 2% as Android users. Notably, Munster asserts, “This is the highest percentage of iPhone launch customers we have ever recorded as current iPhone users.”

Additionally, as more iPhone users opt for the mid-capacity devices at 128 GB and lower capacity devices at 32 GB, rather than making the jump to the top capacity device of 256 GB, Munster believes, “This could this could mean that consumers see more value in the low and mid tier capacity options, which could be a slight headwind to ASPs, although one key factor may have been the lack of iPhone 7 Plus availability.”

“Despite the smaller line size, we still think the data can provide some directional insight into customer trends. Overall, we believe the survey suggests that the 128GB mid storage size may cannibalize some of the previous top level capacity buyers and that the iPhone 7 may be driven more by upgraders (current iPhone owners) than switchers compared to prior launches,” Munster concludes.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, top five-star analyst Gene Munster has achieved a high ranking of #5 out of 4,163 analysts. Munster upholds a 67% success rate and yields 18.6% in his yearly returns. When recommending AAPL, Munster earns 13.2% in average profits on the stock.

TipRanks analytics indicate AAPL as a Strong Buy. Based on 36 analysts polled in the last 3 months, 31 rate a Buy on AAPL, 4 maintain a Hold, while 1 issues a Sell. The consensus price target stands at $126.86, marking a 10% upside from where the stock is currently trading.