In a note out Tuesday, Oppenheimer is raising its price target on Apple Inc. (NASDAQ: AAPL) from $115 to $130 and maintained its Outperform rating.

Key points from the research note:

• Ecosystem: iPhone and iPad (to a lesser extent, Macbook) have matured and are able to cover the full range of user preference regarding size, power, portability, and feature sets. And with expected Spring launch of a watch, Apple has covered the past, present, and future of our needs for consumer-level human-machine interaction.

• User Experience: Apple not only progressed to enable a more consistent user experience across its platforms (OS X and iOS), it is forming external partnerships to transfer an "Apple-like" user experience to other verticals (think Apple Pay in retail). We believe these partnerships have a far-reaching impact on Apple's ability to sustain its own devices sales.

• Weaker Competition: We believe in the current product cycle, competitors are unlikely to provide compelling matching features to threaten Apple's major product categories.

• Model Adjustments: We introduce our FY16 revenues/EPS of $229B/$8.58. Our FY15 revenues/EPS are raised from $208.7B/$7.36 to $220B/$7.80 based on higher iPhone shipment and ASP assumptions. Our new PT of $130 (from $115) is based on 14x FY15 EPS of $7.80 plus $21 per share net cash

Oppenheimer reiterated its Outperform rating on Apple for its renewed ecosystem, its significant advantage over any other device platforms, and near-term market share gain opportunities

Shares of Apple closed Monday at $113.99, implying roughly 10.5 percent upside to the $130 price target.

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