Apple CEO Tim Cook speaks during an Apple launch event in the Brooklyn borough of New York, October 30, 2018.

Bank of America has laid out the bull and bear cases for Apple, a day after upgrading the stock and raising the firm's price target to $210.

"Significant controversy remains over Apple's long-term trajectory. Most investors agree that Apple remains a hardware story, and while Services continue to grow double digits y/y, the majority of gross profit dollars would continue to come from hardware in the next few years," Bank of American analysts said in a note to clients published Tuesday.

The note outlines 10 points for each case, based on responses the analysts heard from investors after their big call Monday. Among the bull points: easier comps in 2019, a likely trade deal with China and the potential for a large buyback authorization in April.

Among the bear points: price pressure from cheaper competitors, underwhelming developments in the iPhone and threats to the App Store's current revenue share structure. (Apple takes a 30 percent cut from most apps and subscriptions sold through the App Store.)

Apple's stock has been on something of an upswing in recent months after a devastating fourth quarter. The shares are up 14 percent year to date, erasing some of the end-of-2018 losses when they shed 30 percent.

Apple rose roughly 1 percent in early trading Tuesday.

WATCH: Bank of America: buy Apple