Apple's free cash flow is "mind-blowing" and can push shares of the tech giant to $150, Barclays analyst Ben Reitzes told CNBC on Tuesday.
In the last quarter, that free cash flow per share beat the Street by about 40 percent, he said.
"Free cash flow is what, in my training, pushes stocks and really moves it. That's what you get to reinvest in the business, buy other companies and ultimately return cash to shareholders," Reitzes said in an interview with "Squawk Alley."
He anticipates the free cash flow, which he said was overlooked by many in the last earnings report, will hit people on a delay, especially into a big stock buyback program.
While Apple's cash flow didn't help the stock in mid-2013, Reitzes said things are different this time.
Back then, Samsung had the momentum, and some doomsday scenarios had Apple generating a fraction of the cash flow it has now, he said.
"Now I think the big surprise over the last year is that Apple … is really beating Android to the punch, and that changes the game completely."
For Reitzes it all comes down to the numbers, and with a "staggering" 12 percent enterprise value to cash flow yield, Apple is cheaper than Wal-Mart, Johnson & Johnson, Microsoft and "anybody in the mega cap range," he said.
He also believes CEO Tim Cook and chief financial officer Luca Maestri have come of age in the past year.
"[They] really show they care about the stock in addition to products," he said. "They are shepherding a story now better than they ever have."
Disclosure: Reitzes and Barclays do not own Apple. Apple is an investment banking client.