Cowen analyst Timothy Arcuri upgraded his rating onApple Inc. shares to "outperform"from "market perform."

Arcuri has recommended buying Apple shares, following aneight-month period during which the analyst recommended investors to remain onthe sidelines. The analyst said in a research note that year-over-year comparesand forward estimates have bottomed, TheFly.com reported March 30.

Arcuri, who raised his price target on the stock to $135from $125, thinks the iPhone 7 launch will benefit the tech giant's stock,according to the report.