Credit Suisse is adding to bullish sentiment toward tech giant Apple . The firm raised its revenue estimate to $93.27 billion from $92.19 billion for Apple’s fiscal second quarter in a Thursday note, saying it anticipates demand for iPhones was “resilient” during the period. Credit Suisse also thinks the company will increase both dividends paid to shareholders and stock repurchases. Credit Suisse reiterated an outperform rating for the stock, and raised its price target to $188 per share from $184, which represents roughly 13% upside for investors from Thursday’s close. The company will report quarterly results after the market close on May 4. AAPL YTD mountain Credit Suisse is even more bullish on Apple stock, and thinks the forthcoming earnings report will be a winner for investors. “We expect Apple to update its capital return program with likely a ~5% dividend increase and ~$90 billion of additional share repurchase authorization,” research analyst Shannon Cross wrote. “We think the company will continue to favor buy backs over dividends as it continues to work towards net cash neutral (current dividend yield is 0.6%).” Meanwhile, the firm also expects demand to have surged in China as the country eases policies tied to stringent Covid-19 lockdowns. “Our revenue estimate is slightly higher than consensus and guidance on our belief that demand is improving in China,” Cross said. “Apple reported an increase in foot traffic in the region during January but cautioned the improvement could be tied to timing of Lunar New Year, although we think the trend was stable through the quarter.” Credit Suisse also added that Apple’s Mac and and wearable products were more vulnerable to macroeconomic troubles while the iPhone remains “an essential device,” which will further help forward guidance in the third quarter. “We expect Apple will guide F3Q23 revenue up y/y (we are at +5% vs consensus of +3%) and gross margin around 44% (our EPS estimate of $1.29 is $0.06 above consensus),” Cross said. – CNBC’s Michael Bloom contributed reporting.