Top Morgan Stanley analyst Kathryn Huberty is so inspired by Apple’s (NASDAQ:AAPL) augmented reality (AR) potential that she has boosted her AAPL price target by $50 to $253. Her new price target projects huge upside potential for AAPL of over 57% from the current $161 share price. And it also translates into an incredible AAPL market value of $1.3 trillion.

In comparison, the previous highest price target from Drexel Hamilton’s Brian White looks relatively tame at $203. Huberty is a top-ranked analyst, with a 4.5 star rating:

The key driver for Huberty is Apple’s focus on augmented reality. This is a technology that superimposes a computer-generated image on a user’s view of the real world. The new iPhone X, launched on September 12 will have upgraded back-cameras “calibrated for AR”. Meanwhile, AAPL will also bring face-tracking support to the iPhone X’s AR platform, ARKit.

The combiation of the TrueDepth camera and rear cameras will enable iOS developers “to create games and apps offering fantastically immersive and fluid experiences that go far beyond the screen” says Apple. And the phone’s powerful A11 Bionic chip will also better support AR technology. “Each iPhone is custom tuned for AR,” according to AAPL SVP Schiller.

“We believe ARKit completes the Apple software and hardware ecosystem and gives Apple a significant first mover advantage,” Huberty writes in a client note. “With the launch of ARKit, Apple now controls both the hardware upon which AR applications can be run and the software platform for which the third-party applications can be created.”

So far this bullish approach is paying off for Huberty. She has a 75% success rate and impressive 24.5% average return across her 68 AAPL stock ratings. Indeed, she has benefited from the stock rising following her bullish calls on previous iPhone launches- specifically with the iPhone 7 launch in September 2016:

Overall, the stock has a slightly more muted Moderate Buy analyst consensus rating. In the last three months AAPL has received 23 buy ratings and 9 hold ratings from analysts. To see why this one top analyst has a more bearish perspective on AAPL’s iPhone X launch click here. On average, analysts project that AAPL has over 8% upside from the current share price.