Piper Jaffray analyst Michael Olson says that while many investors are concerned iPhone estimates may prove aggressive for the first half of fiscal 2017, he expects Apple's (AAPL) near-term results to be in-line to slightly above consensus expectations. He does not expect an iPhone miss in the December and March quarters.

Apple reports December quarter results on January 31. Olson sees a favorable setup for the shares through the iPhone 8 launch and reiterates an Overweight rating on Apple with a $155 price target. The shares closed Friday up 22c to $120.