Analyst Sees 'Strong Snapback In March' For Apple Sales

Cantor Fitzgerald, which has a Buy rating and $180 price target on Apple Inc. AAPL, said that it expects Apple sales had a strong March. The analysts said that March sales should come in "well above historical seasonality," adding to the company's "transformational cycle."

Fundamentally, Cantor Fitzgerald said that Apple's valuation is currently at "depressed levels," giving it room to expand. In their channel checks, Cantor analysts found that preliminary sales gained 42-44 percent month-over-month, well above the 34 percent month-over-month increase in March 2014. This will lead sales to fall less in Q1 than in prior Q1s, Cantor argued.

Cantor noted that it expects this strong performance to be compounded in April by the Apple Watch's launch. The analysts modeled 20.6 million unit sales in the first year, with sales growing to 25.1 million units in FY16.

Apple gained 0.5 percent in pre-market trading to $128.05.