Cantor analyst Brian White was out this morning with some bullish comments on Apple (NASDAQ:AAPL), as the company delivered a truly exceptional 1Q:FY15 performance. The analyst raised his price target to $160 (from $143), and reiterated a Buy rating on the stock.

White noted, “In our view, Apple’s strong results give credence to the notion that the company’s decision to shift to larger-sized iPhones makes this iPhone cycle very different from those of the past. Up next is Apple Watch, and the company announced the new device will begin shipping during the month of April. Given this powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch, we believe there is still plenty to look forward to at Apple during this transformational cycle. At the same time, we believe Apple’s valuation has room to expand from depressed levels (i.e., 8.7x our CY:16 EPS estimate, ex-cash).”

The analyst is boosting his 2Q:FY15 revenue estimate to $56.2 billion from $53.7 billion (Consensus is at $53.6 billion), while increasing his EPS projection to $2.13 from $1.97 (Consensus is at $2.00). For FY:15,  White is boosting his EPS projection to $8.68 from $7.72 to reflect the addition of Apple Watch and continued iPhone momentum, while increasing his FY:16 EPS projection to $9.62 from $8.33.