Apple Inc. (AAPL  ) recently released a list of its top suppliers for materials, manufacturing and assembly of its products which showed that China remains a key manufacturing base and India is ramping up production as well.

Why It Matters:

BofA Securities released a research note based on the list of Apple's suppliers which named companies that could potentially benefit from an Apple product cycle.

BofA named electronics manufacturers Jabil, Inc. (JBL  ) and Flex, Ltd. (FLEX  ) as potential beneficiaries and noted Apple accounted for 17% of Jabil's revenue in 2023.

Amphenol Corporation (APH  ) provides connectors and antennas for the iPhone, and BofA estimates Apple accounts for single-digit revenue at Amphenol. BofA also noted glass maker Corning Incorporated (GLW  ) remained on Apple's 2023 supplier list.

The firm maintained its Buy rating on Apple with a $225 price target highlighting higher growth in Services revenue and continuing capital returns. BofA also expects a strong iPhone upgrade cycle in 2025 driven by the need for the latest hardware in order to enable generative-AI features.

AAPL, JBL, FLEX, APH, GLW Price Action: According to Benzinga Pro, Apple shares are up 3.24% at $174.75, Jabil shares are down 0.66% at $117.49, Flex shares are up 0.16% at $29.02, Amphenol shares are up 0.86% at $121.53 and Corning shares are up 0.85% at $31.60 at the time of publication Monday.