Drexel Hamilton analyst Brian White is out today with a research note on Apple Inc. (NASDAQ:AAPL), writing that the collection of electronics companies he calls the “Apple Monitor” — because some substantial portion of their business is supplying Apple — have reported November sales that came in below historical seasonality.

White wrote, “Final November sales for our Apple Monitor fell by 5% MoM and below the average increase of 7% over the past eleven years. This year’s November decline is similar to the down 6% MoM in November 2015. Based on these final November numbers, and assuming average MoM performance in December, we estimate 4Q:16 sales will rise by 8% QoQ for our Apple Monitor and below the eleven-year average increase of 19% QoQ. In 4Q:15, sales rose by 7% QoQ sales increase.”

The analyst concluded, “We continue to believe Apple is one of the most underappreciated stocks in the world with a dispirited valuation (just 9x ex-cash), a never ending waterfall of “gloom and doom” media reports and a growing list of adversaries that we liken (i.e., metaphorically speaking) to Jason Bourne’s ensemble of hard-charging assassins that never give up the chase but are constantly one step behind.”

Subsequently, White reiterates a Buy rating on Apple, with a price target of $185, which represents a potential upside of 65% from where the stock is currently trading.

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a yearly average return of 9.1% and a 60% success rate. White has a 18.9% average return when recommending AAPL, and is ranked #116 out of 4274 analysts.

Out of the 46 analysts polled by TipRanks, 37 rate Apple stock a Buy, 6 rate the stock a Hold and 3 recommend a Sell. With a return potential of 15%, the stock’s consensus target price stands at $128.68.