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Apple suppliers' sales surge 29% thanks to product lineup overhaul

An overhaul of Apple's lineup and anticipated strong sales of those new products have resulted in a major growth spike among Apple's suppliers.

Brian White of Topeka Capital Markets tracks Apple's supply chain in his monthly "Apple Monitor" report. His latest report on Thursday revealed that key Apple suppliers saw their sales grow 29 percent year over year in the month of October.

That increase handily exceeds the average 2 percent year-over-year growth seen in the month of October over the last 7 years. The strong performance also follows a decrease of 1 percent that came in the month of September.

White said Apple's new product lineup — which includes the iPhone 5, iPad mini, and new iPods and Macs — is an "unprecedented" transition. He expects the recently announced products will account for 80 percent of Apple's total sales in the company's December quarter.

He acknowledged that AAPL stock has been under "selling pressure" in recent weeks, but he remains bullish on the company going forward. In fact, he has reiterated a 12-month price target of $1,111 — a number more than double Apple's stock price as of Thursday morning.

"The iPhone 5 and iPad mini are blockbuster new products that we believe will prove to be big hits this holiday season and into 2013, combined with the new iPad, MacBook Pro, iMac and iPod lineup," White wrote.

His "Apple Monitor" tracks sales trends across the Taiwan supply chain at leading Apple suppliers. The companies, he said, generate a high percentage of their revenues from supplying components for Apple's products.