Maxim expects at least 25% of total iPhones to be an iPhone X, while iPhone 8/8+ to be down ~27% y/y relative to iPhone 7. Given data points that suggest significant mix shift to iPhone X, we continue to believe that gross margin (GM) will be materially higher than consensus expectations with potential for elevated GM to be sustained. Reiterate Buy rating and 12-month price target of $182, based on normalized earnings power.