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Cantor's Apple Barometer Suggests Sunny Days Ahead

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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.

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.

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