Deutsche Bank analyst Sherri Scribner came out today with a research note on Apple (NASDAQ:AAPL), as the company delivered solid F1Q-15 results with revenue, EPS, and GMs well ahead of expectations. The analyst raised the price target to $110 (from $102), while keeping her rating at Hold. The current price target reflects a potential downside of 6.5% from current levels.

Scribner commented: “While we admit iPhone sales were very impressive, we continue to believe that strong near-term growth is largely factored into AAPL’s current valuation. With limited catalysts ahead of the Apple Watch launch in April, we expect shares to remain range bound and maintain our Hold rating.”

The analyst has raised her sales estimates on higher iPhone sales and her EPS on higher GM assumptions. Driven by her higher EPS she has raised her price target, which is based on shares trading at 13x our revised FY-15E EPS of $8.35.

Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players worldwide.