Drexel Hamilton analyst Brian White said their preliminary Apple (NASDAQ: AAPL) sales monitor shows the company had their strongest June ever.

White highlighted:

• As of this morning, nearly all of the companies in our Apple Monitor have reported June sales that beat historical seasonality, delivering the strongest June that we have on record.
• We believe the recent sell-off in Apple represents yet another buying opportunity as investors turn their focus to the iPhone 8 this fall, along with the company's raised capital distribution initiative, depressed valuation and new innovations. We continue to believe Apple remains among the most underappreciated stocks in the world.
• Preliminary June sales (96% reported) for our Apple Monitor rose by approximately 18-20% MoM and well above the average decline of 2% over the past twelve years. This compares to the five-year average decrease of 7% and a 2% increase in June 2016. In our view, the ramp of certain components for the new iPhones this fall, combined with recently introduced Macs and iPad Pros likely contributed to this strong June performance.
• Based on these June results, our Apple Monitor is on track for a 4% QoQ sales rise in 2Q:17 and below the average increase of 12% over the past twelve years but better than the 2% QoQ decline in 2Q:16. We believe inventory will be kept low ahead of major changes with the new iPhones this fall, resulting in weaker than traditional seasonality in our Apple Monitor in the June quarter.
• In early June, Apple filled key gaps in its portfolio at WWDC with entry into the digital home assistant market with HomePod, combined with new AR and VR initiatives to support these important trends. This further expands the breadth and depth of Planet Apple.
• We believe Apple's stock has catch up to do and the valuation can expand. Apple's valuation has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies of the past; however, this has proven to be a flawed argument as Apple has demonstrated resilience through its unique ability to develop hardware, software and services that work seamlessly together.

The firm reiterated a Buy rating and price target of $202 on AAPL.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $144.09 yesterday.