As Apple gets ready to launch its first new product in five years, Cantor Fitzgerald is raising its price target to a level that would make Apple a $1 trillion company. 

People first started talking seriously about the potential for Apple to become a trillion dollar company in February when shares reached news highs, surpassing the $700 billion market cap level. The current stock price of $127 a share gives the company a valuation of $744 billion. Cantor analyst Brian White currently has the highest price target on Wall Street. 

It's not just the launch of the Apple Watch that has White so bullish. He's also optimistic about Apple's iPhone portfolio in China, which he says is poised to benefit from a new upgrade cycle following the expanding 4G network, as well as potential new areas of interest such as an electric car. To top that off, he believes Apple will continue to return cash to shareholders, with more coming next month. 

"We believe the combination of these forces will drive the market to reward Apple's stock with an expanded P/E multiple, and we are raising our 12-month price target to $180 (~$1T cap; from $160)."

According to Bloomberg data, 70.7 percent of analysts have buy ratings on the stock, while just 3.4 percent recommend selling. The average 12-month price target is $140.08.