Cowen analyst Timothy Arcuri upgraded Apple to Outperform from Market Perform and raised his price target for the shares to $135 from $125.

The iPhone maker closed yesterday up $2.49 to $107.68. After eight months of recommending investors remain on the sidelines with respect to Apple shares, Arcuri recommends buying the name.

Year-over-year compares and forward estimates have bottomed, the analyst proclaims in a research note. He expects the stock to benefit from the iPhone 7 launch and points out that the shares, even after the recent rally, still trade at 25% and 30% discount to large-cap tech peers and the S&P 500 Index.