Credit Suisse analyst Shannon Cross upgraded Apple (NASDAQ:AAPL)(AAPL.US) to "outperform" on Tuesday, raising her price target to $201 from $166. Cross is bullish on Apple's nearly 2 billion device count.

The analyst said that Apple can use this advantage to accelerate the adoption of the company's software and services among a large and loyal customer base.

Cross said that Apple management has improved customer satisfaction by improving ease of use, product quality and the correlation between devices, which has resulted in a high premium for products and high customer loyalty.

At the same time, Apple has kept investors happy with its continued dividend payout and massive share buybacks in recent years. Cross noted that in fiscal 2021 alone, Apple returned $100 billion to shareholders through dividends and share buybacks, and also raised its dividend for 10 years in a row.

Still, even a company as successful as Apple isn't completely immune to economic changes. The company has reportedly laid off 100 recruiters.