The firm raised the price target to $130 from $115 for the global technology company.
Oppenheimer also raised the fiscal 2015 EPS estimate to $7.80 from $7.36, and the fiscal 2015 revenue estimate to $220 billion from $208.7 billion.
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The firm reiterated its "outperform" rating and said it raised Apple's target and estimates because customers should continue to be drawn to the company's superior products.
"We reiterate our outperform rating on Apple for its renewed ecosystem, its significant advantage over any other device platforms, and near-term market share gain opportunities," said Oppenheimer analysts Andrew Uerkwitz and Martin Yang.
Shares of Apple closed down 0.17% to $113.99 on Monday.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."