BofA Merrill Lynch analyst Wamsi Mohan noted that he expects Apple (AAPL) will introduce three iPhone models this fall, including an OLED screen one that he dubs the "iPhone 8."

Given OLED panel supply constraints paired with strong upgrade demand from the installed base, Mohan sees the iPhone 8 cycle to be "a super-long" one instead of a "boom-bust" one like the iPhone 6 cycle, he tells investors.

The analyst, who cut his near term estimates but raised his revenue and Average Selling Price assumptions on the iPhone 8, raised his price target on Apple shares to $140 from $125 and keeps a Buy rating on the stock.