From TheFly, which snagged the note to clients by analyst Matthew Cabral:
Credit Suisse analyst Matthew Cabral raised the firm's price target on Apple to $120 from $106 and keeps a Neutral rating on the shares.
The analyst notes that his tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro, with waits still extended at over 2 weeks more than two months post-launch versus last year's 11 Pro that hit supply/demand balance within 6 weeks.
The 12 Pro Max is also tracking well, with waits a bit better than last year's cycle, he adds. Cabral points out that the strength stands in contrast to softer trends for both the base iPhone 12 model and the 12 mini. He now expects better mix to support stronger ASPs.
Maintains Neutral rating, raises target to (still soggy) $120 from $106.
My take: I've asked to see his note.