Bank of America has a list of reasons why Apple can continue to rally

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Apple CEO Tim Cook greets employees and customers on a surprise visit to the Georgetown Apple store in Washington, DC.
Jabin Botsford | The Washington Post | Getty Images

Apple easily topped analyst estimates for the first quarter, and Bank of America believes there are a number of upside catalysts ahead that will push shares even higher.

On Wednesday, in a post-earnings note to clients, the firm reiterated its buy rating on the stock, and raised its price target to $350, which is about 10% above where shares closed Tuesday.

Analyst Wamsi Mohan said a number of factors support his bull case on the stock, including demand in the company's hardware division, as well as "strong" gross margins and a "solid" balance sheet.