In a research report released today, BMO analyst Keith Bachman maintained an Outperform rating on Apple (NASDAQ:AAPL) and raised his price target to $123 (from $113), which implies an upside of 8% from current levels.

Bachman commented: “We believe about one-third to one-half of potential iPhone configurations are available for walk-in traffic at Apple retail stores, and more of the 6 Plus are currently available than were available a month ago. We believe only limited stock is available at third-party stores, and Apple is hoarding available supply, which should help Apple’s gross margins in the December quarter. We think Apple ends the December quarter with backlog, or unfulfilled demand.”

The analyst continued, “Last year, Apple ended the December 2013 quarter with about 15.3 million units of iPhones in the channel, and we think Apple will end the December 2014 quarter with fewer units in the channel. Therefore, we think iPhone channel fill will increase March 2015 quarter units by approximately two weeks, or 3-5 million units.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Keith Bachman has a total average return of 27.9% and a 72.3% success rate. Bachman has a 36.9% average return when recommending AAPL, and is ranked #22 out of 3398 analysts.