Yesterday following market close, Apple Inc. (NASDAQ:AAPL) reported its third quarter financial results, posting revenue of $42.4 billion, compared to Piper Jaffray analyst Gene Munster‘s estimate of $42.3 billion and the Street’s of $42.2 billion. As a result, Munster reiterates a Buy rating with a price target of $151.00, marking a 46% increase from where the stock is currently trading.

For Munster, these positive 3Q:16 results coupled with guidance for fourth quarter somewhere in the range of $45.5 to $47.5 billion highlight rebounded growth for the tech giant. Munster predicts, “There are two opportunities for the business to inflect driven by new products in the next six quarters with the iPhone 7 this fall and the 10th anniversary iPhone in the fall of 2017. If the iPhone 7 disappoints, we believe shares of AAPL will still outperform given demand would likely get pushed into CY17 assuming a more meaningful upgrade and aging device install base.”

Right now, Munster points to consumer interest in Apple’s upcoming venture, the iPhone 7. If the analyst is incorrect about the iPhone 7’s success, either way, he is confident that the release, for better or for worse, will drive customer anticipation higher for the later releases of the iPhone7S and iPhone 8 in 2017 through 2018. There is always a risk these upgrades fail to happen, or that the iPhone costs AAPL market share. However, Munster highlights evidence that, “surveys of US buyers suggest the intent to stay with iPhone remains above 90%, unchanged over the past few year,” meaning these risks are low-grade. The real risk for Munster lies in emerging markets- a risk the analyst finds “manageable.”

According to TipRanks, Gene Munster is a five-star, top-rated analyst. He has a ranking of #16 out of 4,083 analysts. Munster has solidly maintained a success rate of 61%, earning 15.5% in his average returns.

TipRanks analytics indicate that AAPL stock is a Strong Buy. The average price target stands at $124.00, marking a 20% upside from where shares last closed.