Amid slowing iPhone upgrade rates and slowing smartphone sales in general, a new survey from investment firm Baird indicates higher iPhone upgrade intentions than past years. As noted by Barron’s, Baird analyst William Power has reiterated his bullish stance on AAPL thanks to Services and iPhone upgrade intentions.

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In a note to investors today, Power said Baird’s semiannual smartphone survey indicates that while smartphone upgrade intent is slowing, the iPhone continues to capture the largest portion of that market.

According to the survey of roughly 1,500 U.S. shoppers, 15 percent of respondents said they plan to purchase a new smartphone within the next two months. Of those planning to upgrade, 67 percent said they plan for their next smartphone purchase to be an iPhone.

Further, “the majority” of respondents indicated they were using an iPhone older than two years, suggesting an untapped upgrade market for Apple going forward.

As for Services, Baird’s survey also asked shoppers about their interest in an Apple streaming service. 18 percent of survey respondents expressed “some interest” in subscribing to such as a service, according to Power. For a still unreleased service, 18 percent interest is notable, albeit it slightly low.

The analyst also cites growing Apple Watch interest, as well as the overall strength of the Apple ecosystem. According to Power, iPhone users own an average of 2.6 Apple devices, which could include iPhones, iPads, Macs, Apple Watches, and Apple TVs.

“Our semiannual U.S. Apple survey confirms slowing smartphone purchase intent, but on a bright note, suggests continued strong iPhone share,” he wrote on Tuesday. “That, coupled with success with newer products like Apple Watch, and services like Apple Music, underscores the ecosystem opportunity.”

Ultimately, Power remains bullish on Apple and reaffirms his price target of $185 for the company, with an “Outperform” rating. AAPL currently sits at right around $174.33.

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