Apple iPhone
An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France, February 1, 2017. Reuters/Regis Duvignau

Apple could sell more of its highly anticipated iPhone 8s, according to estimates from Mizuho. The tech giant could end up selling more than 10 million more sets than previously forecast.

As noted by the data provided by Apple suppliers, as many as 225 million sets could be sold this year – an increase from 213 million handsets as previously expected. If the tech giant succeeds in meeting the forecast, it could amount to an 11 percent increase year-over-year.

In light of this, Mizuho upped Apple stock price target from US$135 (AU$175.7) to US$150 (AU$195.2). At the same time, it has maintained its Buy rating. As of Monday, shares of Apple had marginally risen by 0.3 percent to settle at US$137.08 (AU178.4). The stock has increased by 18.35 percent year to date.

Over the past three months, Apple’s shares have upped by 22.6 percent. The same number for the past year stands at 41.5 percent. With this, Apple’s shares have overshadowed the Dow Jones Industrial Average, of which Apple is a member. The Dow has risen 8.7 percent in the past three months and 25 percent in the past year.

As iPhone 8 marks the smartphone’s 10th anniversary, the boost in Apple’s demand expectations has greatly increased. With this milestone, experts predict the tech giant can introduce several advanced features in the new device. Some of the features iPhone 8 is likely going to have include a bezel-less organic LED display, 3D sensing technology for facial recognition, augmented reality capabilities, wireless charging and improved dual cameras. There is a possibility that the home button will be eliminated to make room for virtual buttons.

Meanwhile, Warren Buffett has invested heavily in the tech giant. Speaking with CNBC, the business magnate said on Monday that Berkshire Hathaway owns as many as 133 million shares of Apple, which are worth more than US$17 billion (AU$22.1 billion) at current prices. Berkshire is Apple’s third largest holding, ahead of Kraft Heinz and Wells Fargo.

According to the recent quarterly filings with the Securities and Exchange Commission, Berkshire Hathaway owned about 57.4 million shares at the end of the fourth quarter. This was an increase of more than 42 million shares from the third quarter. In 2017, Berkshire bought more than 75 million shares in Apple. "We bought a lot more Apple after year-end," Buffett said.

He said there is an “incredible stickiness” to Apple’s products. "When I take a dozen kids -- as I do on Sundays -- out to Dairy Queen, they are all holding Apple [products] and they can barely talk to me," he added.