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Apple climbs to its best level in over a year (AAPL)

Apple reached a 14-month high on Wednesday morning, ticking to $120.48 per share.

Screen Shot 2017 01 18 at 11.49.58 AM

The early gains followed anote distributed to clients by Cowen and Company which suggested Apple's next iPhone, slated to launch in September, could include some form of facial/gesture recognition

gave Apple an "overweight" rating and a price target of $148.

Apple has faced three straight quarters of revenue declines. The quarter ending in December is usually Apple's largest by far, thanks to holiday shoppers. Apple reports its holiday quarter earnings on January 31.

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Since the morning's high, the stock has been ticking down.

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