On June 25, Apple told the market it was raising prices on MacBooks, iPads, and other devices to cover the cost of a global memory chip shortage.

The stock fell sharply that day, wiping out everything it had gained year to date. For a company that had been on a strong run, it was a rough afternoon.

Three weeks later, Apple shares were trading at new all-time highs. And on July 13, Citi analyst Asiya Merchant raised her price target on the stock to $365 from $315, maintaining a buy rating and telling clients the company still has roughly 16% more upside from here, according to Barchart.

What Citi’s analyst said on Apple stock and what she’s actually betting on

Merchant’s thesis isn’t…