With the expected release of the iPhone 8 this fall, Apple is only in the "early stages" of unlocking upside potential for investors, Drexel Hamilton's Brian White wrote in a note to clients Monday.
"We believe Apple remains among the most underappreciated stocks in the world," White said.
The analyst raised his 12-month price forecast for Apple stock to $202 from $185, reiterating a buy rating on the shares. Apple closed Friday at $148.96 per share. If the stock climbed to White's target (a gain of more than 35 percent), that would give the iPhone juggernaut a market value of $1.05 trillion based on its current share count of 5.2 billion.