Wells Fargo analyst Maynard Um attributes the recent rally in shares of Apple (AAPL), at least in part, to Samsung's (SSNLF) issues with its Note 7 phones.

Apple gained an incremental $14B in market capitalization at its intraday peak, which the analyst believes embeds more than 3M of incremental iPhone 7 Plus units. Samsung's production halt will help Apple, but other Android vendors with 5.7 inch phones could see a bigger benefit if Android users prefer to stick with Android, Um tells investors in a research note. He points out that LG, Kyocera, and Microsoft (MSFT) have 5.7 inch Android phones at U.S. carriers. Um thinks expectations for Apple into earnings "have risen materially." He keeps a Market Perform rating on the iPhone maker.

Apple closed yesterday up 25c to $116.30.