This story has been updated from 10:04 am EST with analyst comments, stock price update.
NEW YORK (TheStreet) -- Apple (AAPL) ended Monday trading slightly lower after announcing a record number of iPhone pre-orders for the upcoming iPhone 6 and iPhone 6 Plus. Cantor Fitzgerald analyst Brian White said in a note on Monday that he believes Apple is "in the midst of another 'Super Cycle'," similar to those cycles in 2001 for the iPod, in 2007 for the iPhone and in 2010 for the iPad.
The company announced that it sold a more than 4 million pre-orders for the two new iPhones in the first 24 hours. The high number of online pre-orders surpassed Apple's pre-order supply, meaning a number of those who pre-ordered the new phones will have to wait until October for their new phone to ship. Both the iPhone 6 and iPhone 6 Plus will go on sales at Apple retail stores, carrier stores, and other retailers on Sept. 19.
Apple shares closed down 0.06% to $101.60, despite 60.9 million shares trading hands. The average three-month daily trading volume for the stock is about 51.7 million shares.
Cantor Fitzgerald's White rates Apple at a "buy" and has a $123 price target on the stock.
"We believe Apple is in the midst of another "super cycle" that begins with the rapidly growing "phablet" market via the iPhone 6 Plus and extends into the wearable category in early 2015 with Apple Watch," White wrote in a note to clients. "Already, we believe there is an insatiable appetite for the iPhone 6 Plus as demonstrated by rapidly expanding pre-order shipment times and we believe Apple Watch will prove to be a home run with the fastest, new product, first-year unit sales volume in the company's history, giving Apple a foothold in what we believe will be a large, wearable tech market. As more "things" become computers, we believe Apple's expertise in designing software, hardware and services to work together will prove invaluable. We also doubt Apple is finished innovating in new product categories. For example, we still believe there is a more robust Apple TV on the horizon that can reinvent the industry."
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: