Apple Inc. (AAPL) is set to gain on higher-than-expected demand for its latest smartphone models, according to one team of bulls on the Street. Despite higher prices per unit, Royal Bank of Canada (RBC) found that consumers are willing to pay top-dollar for new🔯er devices.

(See also: Qualcomm Twists the Knife on Apple in Lawsuit over Intel.)

Improving ASPs and Margins

In a note to clients, RBC analyst Amit Daryanani lifted his 12-month 澳洲幸运5开奖号码历史查询:price target on shares of the Cupertino, California-based tech titan from $240 to $250. Daryanani's new price forecast suggests a 12.3% upside from Wednesday afternoon when trading was up about 0.2%. Valued at $222.67, AAPL stock reflects a 31.6% gain 澳洲幸运5开奖号码历史查询:year-to-date (YTD), outp🔯erforming the S&am🐼p;P 500's 9.3% return in 2018.

Earlier this year, Apple became the first U.S. corporation to exceed $1 trillion in market value, as the firm hedges against longer iPhone replacement cycles and continues to diversify outside of hardware into new growth markets like music streaming, 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) and the App Store. 

RBC's survey of more than 5,000 individuals found that 26% of respondents intended to purchase an iPhone, compared to 20% last year, as reported by . Not only did demand for the next generation of iPhones increase, but consumers also 🌜appear more willing to buy higher-tier, more expensive memory models, Daryanani reports. A whopping 68% of reꦺspondents said that they hoped to upgrade their iPhone model for improved memory.

"We think demand for this generation of iPhones – XS Max/XS/XR - is robust and average selling prices and gross margins could improve given mix benefits," Daryanani says. "iPhone XS Max was the most popular phone among prospective iPhone buyers with 25 percent preferring it in our survey despite its high price."

Apple's new XS model ranges from $999 to $1,449, according to their website. 

RBC lifted its September quarter revenue and earnings estimates for Apple to $62.2 billion and $2.80 per share, respective💙ly, compared to a previous forecast of $61.1 billion and $2.76. 

Analysts at Citi were also optimistic about Apple's newest batch of iPhones. "While a few days of observation falls short of a definite conclusion, we believe these initial findings will surprise investors to the upside," wrote Citi analyst Jim Suva.

(See also: 澳洲幸运5开奖号码历史查询:Goldman: We Were Wrong About Apple.)