UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Apple on Larger Base, Longer Cycle

In a report published Thursday, Credit Suisse analyst Kulbinder Garcha reiterated an Outperform rating on

, and raised the price target from $130.00 to $140.00. In the report, Credit Suisse noted, "Following a detailed analysis based on recent commentary from Apple's management, we conclude that Apple likely has over 400mn iPhone users. Based on this analysis and taking into account a superior ecosystem, compute advantage, and quickening replacement rate, we conclude that our already above consensus EPS projections of $9.25/$10.04 for CY15/CY16 may be conservative. We reiterate our OP rating and raise our TP to $140." Apple closed on Wednesday at $119.56.