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 ( AAPL ) suppliers which named companies that could potentially benefit from an Apple ( AAPL ) product cycle. 

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

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

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The firm maintained its Buy rating on Apple ( AAPL ) 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 ( AAPL ) shares are up 3.24% at $174.75, Jabil ( JBL ) shares are down 0.66% at $117.49, Flex shares are up 0.16% at $29.02, Amphenol ( APH ) shares are up 0.86% at $121.53 and Corning shares are up 0.85% at $31.60 at the time of publication Monday.

Image: Courtesy of Apple, Inc. ( AAPL )