Investor sentiment toward Apple has shifted since the election, with many believing the company stands to benefit from the policies of President Donald Trump, said Oppenheimer analyst John Stoltzfus said Monday on “Squawk Alley.”

“We think that the market had originally anticipated a negative outcome if Trump was elected,” he said. “But once we saw what happened on election night and the way that futures were indicating positive by the end of the night what we thought was this looks good and the markets certainly said ‘I like it.'”

If Apple is allowed to repatriate its enormous overseas cash hoard — which grew to $246.09 billion in the fiscal first quarter, up $8.49 billion from the previous quarter — this will help the company, he said.

“Especially if the administration puts its influence on Apple to move its manufacturing back stateside, there will be offsets available for bringing some of that capital back from outside the U.S.,” said Stoltzfus.

Apple hit a high of $133.82 Monday, its highest level since April 2015, the day of its all-time intraday peak of $134.54.

Oppenheimer had initially thought the market might pull back three to six percent on a Trump win, said Stoltzfus.

“For business, this just is a terrific advancement that we have seen in terms of a business friendly environment,” he said.