In a note released Friday morning, Cantor Fitzgerald analyst Brian White provided insight into what he expects lies ahead for Apple (NASDAQ: AAPL).
White's barometer is made up of Taiwan-based companies with a large portion of its sales coming from Apple products. Of these companies, White notes, 98 percent have reported preliminary sales for May that are stronger than normal for the season.
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White says sales are up six to seven percent month-over-month for May and are well above two percent average increase of over the last nine years. Based on this solid performance, White is forecasting quarter-over-quarter sales growth for his Apple barometer of 18 to 20 percent in the second quarter.
White rates Apple as a Buy with a $777 price target.