Apple’s iPhone 6 and 6 Plus have been met with plenty of demand, and Wall Street is anxiously waiting to see just how much the two new phones boosted Apple’s sales for the December quarter. Cantor Fitzgerald analysts say that, based on supplier data, it looks like Apple may have enjoyed iPhone sales that were stronger than typical seasonality.

Apple Inc. (AAPL)'s Multiple May Expand, Suppliers Perform Well

Apple suppliers beat past seasonality

In a report dated Jan. 9, 2015, analysts Brian White and Isabel Zhu released the latest data from their Apple Barometer. They said the barometer indicates that Apple’s suppliers saw a performance that was better than past seasonality, which could mean great things for Apple’s December quarter.

They added that they still believe Apple is in the early stages of what they call a “super cycle.”

The latest Apple supplier data

The Cantor Fitzgerald team reported that final sales for the December quarter for their Apple Barometer fell 3% month over month, which was better than the average 9% decline in the last nine years. They think demand for the iPhone 6 and iPhone 6 Plus remains “robust” and that this is why Apple’s suppliers have posted such strong performances.

The analysts say revenue for their Apple Barometer in the December quarter increased 26% quarter over quarter, which is better than the past average of a 20% increase over the last nine years.

Hon Hai, Pegatron post strong performance too

The analysts also point out that Hon Hai, which is not included in their Apple Barometer, saw very strong performance during the December quarter. Month over month, sales were flat, which is lower than the past average of 3% sales growth.

However, they add that Hon Hai was coming off a November that was much stronger than usual. The Apple supplier saw a 58% quarter over quarter sales increase for the December quarter, compared to the average 27% increase over the last nine years.

Pegatron also saw a 3% month over month increase in sales in December and a 48% fourth quarter sales increase sequentially, which is much higher than last year’s 5% quarter over quarter increase.

Apple stock looks cheap

The Cantor Fitzgerald team points out that Apple management guided for a 54% increase in revenue quarter over quarter, compared to the historical average of 44% and last year’s 54% increase. They think Apple’s valuation looks cheap because it’s a little less than 12 times their 2015 earnings per share estimate for the 2015 calendar year, excluding cash. As a result, they think Apple’s multiple could expand.

They expect Apple to gain traction in China with the iPhone 6 and 6 Plus. They also see big opportunities for the company in the wearables market with the upcoming Apple Watch after seeing the products that came out of this year’s Consumer Electronics Show (CES) in Las Vegas.

Cantor Fitzgerald maintained its Buy rating and $143 per share price target on the company. Shares of Apple dipped as much as 1.5% during regular trading hours today.