Citi analyst Jim Suva raised his price target for Apple shares to $160 from $140 and keeps a Buy rating on the shares. The stock closed Friday up 82c to $139.78.

While the shares are hitting all-time highs, the iPhone 8 "super-cycle" is coming soon, which, along with Apple's growth opportunity in India, is likely to drive sales and earnings growth as well as valuation multiple expansion, Suva tells investors in a research note.

India is now the world's second largest smartphone market, yet Apple has less than 2% market share, the analyst points out. Suva recommends buying Apple shares ahead of the iPhone 8 launch.