The analysts increased their price target to $220 and said that India could create $40 billion in revenue for Apple over the next decade.

India’s “economic boom” and Apple’s investment in manufacturing there will likely be a key factor in the company’s five-year sales and installed base growth, according to a note released Monday by Morgan Stanley analysts.

The letter also includes a fresh price target increase from $190 to $220, led by India, with an improved bull-case valuation of $270. Apple was once again cited by Morgan Stanley as its top pick.

In contrast to 2% during the past five years and $6 billion today, Morgan Stanley analysts estimate that over the next five years, the country could account for 15% of Apple’s revenue growth and 20% of the company’s installed base growth.

A $40 billion increase in sales over the next ten years was predicted by Morgan Stanley “to be equivalent to Apple creating an entirely new product category.”

Analysts based their conclusions on several factors, including India’s growing electrification and Apple’s apparent efforts to establish a manufacturing and retail presence there. According to a survey conducted by Morgan Stanley, Indian consumers are more likely to be able to afford and want to buy an iPhone.