The firm increased the the price target for the global technology company to $120, up from its previous mark of $112.
Jefferies set annual EPS estimates to $7.68 from $7.30 for fiscal 2015, and to $8.43 from $8.04 for fiscal 2016.
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The firm also upped annual revenue estimates to $226.2 billion from $216.8 billion for fiscal 2015, and to $238.1 billion from $227.7 billion for fiscal 2016.
Jefferies said reiterated its "hold" rating because Google (GOOG) still leads Apple in Cloud Services Ecosystem.
"Our analysis suggests that Google provides the majority of most popular Consumer Cloud Services, which are expanding penetration through Android, Chrome, iOS, Windows, and other devices, unlike Apple's iCloud which remains focused on iOS devices," said analysts at Jefferies.
Shares of Apple closed up 1.30% to $115.47 on Tuesday.
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."