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RBC analysts are liking the new iPad Pro, forecasting as much as $2.4 billion worth of extra revenue over the next three months from the larger, pricier tablet.

In a note published on Tuesday, RBC Capital Markets analysts led by Amit Daryanani set out a new base case forecast for Apple shares to reach $150 over the next 12 months, while the bear case is for $109 and the bull case sees them at a hefty $165. Apple closed at $117 a share on Monday, meaning there's very little room for the stock to fall in RBC's analysis and tons of upside potential.

RBC Capital Markets

Much of the base case bullishness is predicated on Apple's recently-released iPad Pro, which boasts both a bigger size and price tag than the company's other tablet offerings. Also playing into the forecast is Apple's massive war chest of cash.

"In the current environment with $200 billion-plus in cash, we believe the stock is undervalued at these levels. From a product perspective, we believe the company can continue to gain share in both the tablet and smartphone space. In our view, the smartphone space is currently a two-horse race where Apple will be one of the winners in continuing to gain market share."

For its bull case, the firm says Apple would capture more of the low-end smartphone market, as well as create a new product line that has strong growth and profit margins topping 40 percent, with the stock also rising more than 40 percent. In the bear case, RBC says Apple loses market share for both smartphones and tablets, causing the stock to fall a meager 9 percent based on Monday's close.

While $150 for Apple shares could be viewed as lofty, there are other analysts with even higher price targets.

Drexel Hamilton's Brian White is targeting $200 a share, according to Bloomberg data, while Piper Jaffray sees Apple stock at $179.