Goldman Sachs has rated Apple (AAPL) a “Buy,” setting a $199 price target for the stock, which closed March 3, 2023 at $151.03.

It is the first time Goldman has rated the iPhone-maker a buy in six years, Proactive Investors reports, noting that Apple has appreciated 300% since Goldman’s last Buy rating in 2017.

“We are Buy rated on AAPL as we believe the market’s focus on slower product revenue growth masks the strength of the Apple ecosystem and associated revenue durability and visibility,” according to Goldman analyst Michael Ng.

“Apple’s success in premier hardware design and resulting brand loyalty has led to a growing installed base of users,” Ng said.

Apple’s loyal customer base translates to: lower client acquisition costs, the potential for Apple’s service business to continue to grow, and repeat customers, according to Ng.

Ng’s predecessor, Rod Hall, rated AAPL Neutral or Sell in the nearly five years he covered the tech giant.

Ng issued his client note over the weekend, and AAPL rose by 3.1% to $155.72 in early Monday trading. As of 2:56 p.m. EST, the stock was up 2.11%.