Tech giant Apple Inc. (Nasdaq: AAPL) kicked-off August with a cool $1 trillion in market cap- making history as the first U.S. company to achieve this. The ‘trillion-dollar baby’ has had a solid 2018, with shares jumping almost 24%. In other words, Apple is beating the market, with the S&P 500 ETF (SPY): just under 6%.

Yet, is Wall Street celebrating? Whispers of a weakening smartphone market have some experts spooked. Some say Apple is massively undervalued. Others wonder what will be in store for the iPhone’s average selling prices- when smartphone momentum is waning.

The Bullish Camp Sees a Super Cheap ‘Buy’

Monness Crespi analyst Brian White (Profile & Recommendations) is Apple’s biggest bull on Wall Street. In White’s latest note, he sees a tech giant that “remains one of the most underappreciated stock in the world.” White constantly is out singing Apple’s praises as an “unbelievably” and “very, very cheap” stock.

Worthy of note, White has 196 ratings on Apple, and has been bullish on the stock as long as he’s covered it- for almost eight years now. White has been betting on the tech giant since before the iPad became a huge hit- and anticipated the product’s success. Even in 2010, White boasted a Street-high price target.

The analyst recently reiterated a Buy on the company following a killer July Apple Monitor performance. For context, White’s Apple Monitor index tracks sales of nine key publicly-traded Apple suppliers based in Taiwan.

It was a “record July” for the companies who posted sales in White’s Apple monitor. Sales rose 21% month-over-month; impressive against the usual July performance of 10% growth over the last thirteen years. White considers this the “best July on record for our Apple monitor.”

“Given Apple has historically introduced its latest iPhone innovations in September, we believe this year’s ramp has already shown up in the supply chain,” adds White.