Prominent Nomura Instinet investor Jeffrey Kvaal has raised his target price for AAPL from $150 to $165, citing an expected iPhone 8 “super cycle”.

He predicts that Apple will sell 87 million iPhones during the first quarter of 2018, a 12% bump on the first quarter of sales for the iPhone 7.

Kvaal expects Apple to go on to sell 260 million iPhones through the rest of 2018, well above that of Wall Street investors who he says are “underestimating the upgrade demand”.

He’s not the only one to think so.

Analysts at Citi also recently increased their target price for Apple while Morgan Stanley’s Kate Huberty is expecting a whopping 20% growth in unit sales for the 2018 iPhone. .

“What we expect in September is a phone that has significant advancements in technology: OLED screens, 3-D sensors, wireless charging [and] likely some more advanced software in the area of artificial intelligence,” she said.