Bank of America Says Apple has Finally Become a Tailwind for Jabil Circuit

In a note released early Thursday morning, Bank of America analyst, Wamsi Mohan reiterated a Buy rating and raised the price objective from $22 to $24 on shares of Jabil Circuit Inc. (NYSE: JBL).Mohan explained Jabil had previously suffered from the product mix of Apple (NASDAQ: AAPL), one of its largest customers. However, given Jabil's 20-30 percent share of the new iPhone cycle, Mohan says Apple is finally becoming a tailwind for the company. Mohan wrote, "Although the worry will be that the Nov quarter could be the peak quarter in F15, given the expectation of a strong iPhone cycle, in our opinion Jabil should sustain revenue and earnings this cycle over the next several quarters."Looking ahead, Mohan is predicting an EPS of $1.86, $2.07, and $2.32, respectively, for 2015-2017.