UBS analyst Timothy Arcuri has boosted his Apple target price from $215 to $235 while maintaining a “Buy” rating.

In a note to investors, Arcuri writes that Wall Street is “underrating the degree/timing to which new services could contribute revenue” and that “comps should get easier, and the stock remains the biggest global under-weight among active managers.”

The analyst writes Apple’s iPhone mix “remains challenging,” but notes that foreign exchange headwinds should start to ease in June.

MacDailyNews Take: Trillion-dollar market value looms.