BTIG analyst Walter Piecyk raised his price target for Apple shares to $165 from $133 after introducing his 2018 estimates for the company. The iPhone maker closed yesterday up 6c to $136.99.

Apple's price-to-earnings multiple can "creep even" higher if management delivers on mid-single digit revenue growth, Piecyk tells investors in a research note.

Outside of research notes on valuation concerns, the analyst sees no catalysts derailing the recent rally in the stock. His fiscal year 2018 revenue estimate of $241B implies 6.6% growth over 2017. Piecyk keeps a Buy rating on Apple.