A flood of Apple Watch pre-orders is pushing back shipping times of the much-hyped wearable by weeks—in some cases, months. That bodes well for Apple investors, according to RBC Capital Markets' Amit Daryanani.
"It's either a sign that demand is really good or supply is really constrained, but it looks like they have a healthy backlog already," the analyst told CNBC on Friday.
Daryanani holds an "outperform" rating on Apple stock and believes the shares should "grind higher" to his price target between $140 and $145. He expects Apple to ship about 3 million to 5 million watch units in its first few months, about 1 million coming from pre-orders.
"Most of the reviews suggest that it's one of the best first-gen [smart] watches you've seen out there, and the potential is immense as you go further out," he said. "From a review basis, this is pretty good for Apple investors."