Pacific Crest analyst Andy Hargreaves recommended investors continue to own Apple Inc.'s stock AAPL, -2.95% , but his new stock price target suggests only limited upside from current levels. Hargreaves reiterated his overweight rating on the stock, as evidence of strong component orders prompted him to raised his iPhone unit sales estimates. He raised his price target to $150, which is just 4.4% above Monday's closing price of $143.70, from $140, saying a strong upcoming iPhone cycle may not be enough to drive the stock (AAPL) much higher. "We see potential for further upside to our unit and gross profit dollar estimates in the coming iPhone cycle, but believe growth beyond that will slow substantially," Hargreaves wrote in a note to clients. "Consequently, we believe tax reform and a subsequent increase to the dividend may be necessary to drive significant upside in AAPL." The stock slipped 0.3% in premarket trade Tuesday, but is trading just 0.6% below the March 29 record close of $144.12. It has soared 24% year to date through Monday, while the Dow Jones Industrial Average DJIA, +0.13% has gained 4.5%.