Bank of America Merrill Lynch today raised its Apple price target from $230 to $250, a 16% increase, and reiterated the firm’s “Buy” rating.

In a note to clients, BofAML analyst Wamsi Mohan cited the strong rate of growth in non-gaming apps, which offers “increased confidence in the sustainability of strong App Store sales.”

Mohan raised his 2019 revenue estimate for Apple Services by $800 million, factoring in slightly higher margins.

MacDailyNews Note: In premarket trading, shares of Apple are curently up over a dollar or about 0.50%.