UBS analyst David Vogt upgraded AAPL to a Buy and raised the price target to US$142 from US$115, Yahoo Finance reported. This upgrade was in no small part based on the impact he thinks Apple can make in the electric vehicle market.

Our analysis of the auto market and Apple’s multi-year investment in the industry (self-driving car licenses and LiDAR patents) suggests to us Apple’s auto optionality is worth at least an incremental $14/share,” Vogt said in a research note to clients. “Apple’s current portfolio provides significant cash flow the company will likely utilize to enter the battery electric vehicle market.” Vogt says Apple can capture some of the battery electric vehicle (BEV) market given customer satisfaction is already high for the tech giant’s products. “We expect Apple’s platform strategy and market share in the global PC and smartphone markets should enable Apple to introduce a branded BEV and achieve a minimum 5% market share in the global BEV market,” he wrote. “Over the next ten years, we forecast the global automotive market will likely transition to almost 100% EV opening up a 90M unit market to new entrants with large installed bases of loyal satisfied customers like Apple.”