Apple Inc.’s price target was raised to $350 from $280 at Needham, which wrote that the iPhone maker had a number of tailwinds in 2020 that could help it extend last year’s strong rally.

The new target matches the Street-high view on the shares, and implies upside of almost 18% from its most recent close. Because Apple surpassed Needham’s previous price target of $280, the firm lowered its rating on the stock to buy from strong buy.

Shares of Apple (AAPL) rose 1.73 percent to $299.15 in late Monday trading.

 The company gained 86% over the course of 2019, its best year in a decade.

Analyst Laura Martin wrote that Apple was on her conviction list for a second straight year, noting the company’s direct relationships with 900 million of “the wealthiest consumers in the world.” It is “a pure play on the trend toward ’always-on’ mobility,” and it benefits regardless of which apps are the most popular on its platform, she added.

Needham also touted the company’s transition toward a recurring-revenue business model, “which is driving multiple expansion,” as well as its compensation structure, “a hidden asset that drives valuation upside.”

Separately, Bernstein raised its price target on Apple to $300 from $250, though it reiterated a market-perform rating, citing valuation.

With Needham and Bernstein, at least five firms have raised their price targets on Apple shares so far this year. Last week, RBC Capital Markets, BofA, and CFRA all lifted their targets.