PiperJaffray just released promising data on iPhone 7 availability, which indicates a high rate of sell-through to end consumers with minimal inventory build. Given these factors, there’s increasing anticipation of a successful quarter/year relative to iPhone 6S. Here’s what Gene Munster mentioned in his most recent report:Our checks of 134 Apple Stores show that only 20% of iPhone 7 SKUs were in stock (34% iPhone 7 and 6% iPhone 7 Plus). While not directly comparable given we are only one week into the iPhone 7 cycle, we note that iPhone 6 was 33% available two weeks after launch and iPhone 6S was 50% available two weeks after launch. We do not have one-week data for iPhone 6/6S and plan on revisiting the data next week for a more direct comparison.The data isn’t an exact overlapping comparison to prior year, as they only have retail checks for the first two weeks, as opposed to the first week. Nonetheless, the data was an overall positive, and helped to boost sentiment, as I believe Apple was the best performing stock on the Dow Jones Industrial Average on Monday. I estimate that iPhone shipments will grow by appx. 9% with average selling price to increase by 5%. This translate into mid-teen iPhone revenue growth for FY’17 assuming my estimates pan out. While reasonable unit growth is already baked into Apple’s valuation, I believe there’s further upside yet priced into the stock. Assuming we don’t experience a September market swoon, the stock will likely trend higher, but if not… Apple share depreciation will be less than that of the broad market. I guess one could pick and choose their Apple entry. However, as a matter of principle, investors tend to earn better returns when they buy good stocks in either poor or good market environments. In other words, if you have no interest in timing entries, but want to invest into good companies – Apple still fits the description quite nicely.I’m reiterating my high conviction buy recommendation.