The firm said it raised its price target on the iPad maker based on the apparent strong demand for the iPhone.
"We conclude that Apple likely has over 400 million iPhone users. Based on this analysis and taking into account a superior ecosystem, computer advantage and quickening replacement rate, we conclude that our already above consensus EPS projections of $9.25/$10.04 for CY2015/CY2016 may be conservative," Credit Suisse said.
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The firm reiterated its "outperform" rating on Apple stock.
Shares of Apple are up by 0.55% to $119.75 on at the start of trading on Thursday.
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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, impressive record of earnings per share growth, compelling growth in net income, revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."