Apple iPhone 6 just start of 'huge cycle': Analyst

Apple stock is worth buying following the company's latest product launches, Cantor Fitzgerald analyst Brian White said Wednesday.

Last week, the Cupertino, California-based company unveiled the Apple iPhone 6, the iPhone 6 Plus and the Apple Watch to generally positive reviews.

"I think we haven't had a new product category out of Apple since 2010," White said. "You look at iPod in '01. Look at iPhone in '07, iPad in 2010. In 2015 we have Apple Watch. And so, you've got the combination of entering a very powerful iPhone cycle with the 6 and 6 Plus, entering the phablet category with the 6 Plus, and a totally new product category that we think will be the fastest new ramp of a new product in the history of Apple."

Read MoreApple iPhone 6 pre-orders hit record 4 million on first day

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Apple CEO Tim Cook shows off the new iPhone 6 on Sept. 9, 2014 in Cupertino, Calif.

On CNBC's "Halftime Report," White said he was expecting the Apple Watch to sell 37 million units in its first year, besting the iPad, which sold nearly 20 million units in its debut year.

"So, iPhone 6 is a huge cycle. Don't get me wrong, but I'm very excited about … Apple Watch, and we're just starting off early next year," he said. "And that's a new product category, and that's very exciting to me."

White, who has a "buy" rating on Apple stock and a $123 price target, also praised the company's "phenomenal ecosystem," with 800 million user accounts, about 20 percent of which could eventually become Apple Watch owners.

With a price-to-earnings multiple around 11 times minus cash, or 14 to 15 times straight P/E, White also said he saw potential multiple expansion ahead.

Read MoreWhy Apple's iPhone 6 will be bigger than people think

"If you look at these companies that are selling sugar water, detergent, bleach, they're selling at 19 to 20 times earnings. And I don't understand why Apple can't get a better multiple," he said.

China, too, could be a growth factor.

"When you enter a new product category, that's going speak to innovation, also diversify the portfolio, not to mention we think iPhone 6 and Plus will be home runs—and China Mobile," he said. "Remember, China Mobile is just a baby with Apple, so whenever the 6 and 6 Plus start ramping there, that's going to be huge. And that's a long-term theme. That's not just a 'this-year' theme."

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— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.