Citi analyst Jim Suva raised the firm's price target on Apple (AAPL) to $150 from $125 and keeps a Buy rating on the shares.

Despite the stock trading up 70% in 2020, the analyst reiterates his rating.

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Suva increased estimates on "stronger-than-anticipated" demand across several products including iPhones, Wearables, and PCs and tablets. While December quarter demand is constrained by supply, "stronger-for-longer" demand for Apple's products will prevail through 2021 as the economy recovers, Suva tells investors in a research note.

He believes future upside in stock price will likely come from sales and earnings upside rather than valuation multiple expansion.