In a research report issued today, Cantor analyst Brian White maintained a Buy rating on Apple (NASDAQ:AAPL) with a price target of $143, as the company is scheduled to report its 1Q:FY15 (ended December) earnings results tomorrow (1/27) after the market close.

White observed, “Given what we see ahead for Apple in 2015 and beyond, we are less interested in the quarter and more charged up about the company’s early stage ramp in this transformational cycle. This cycle is driven by a new product category with Apple Watch but also includes bigger opportunities in China with larger iPhones, and a continuation of a more pronounced upgrade cycle around the world with the iPhone 6/6 Plus.”

Furthermore, “After the market digests Apple’s quarter, we believe investors will already be fixated on the launch of Apple Watch and other opportunities that await Apple this year. At the same time, we believe Apple’s valuation has room to expand from depressed levels (i.e., 12x our CY:15 EPS estimate, ex-cash).”

Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players worldwide.