The rollout of the Apple Watch, which will be shipped in April, also has the potential to help the company's stock keep momentum, analysts said.
Read MoreWhy Apple stock is still cheap: Analyst
"The smart watch industry is significant, and we believe Apple has an opportunity to be the leader in this new product category. Given the company had approximately 800 million iTunes accounts (most with credit cards) as of April 2014, we believe Apple has a large group of Apple enthusiasts to sell into," White said in his note to clients.
The Cantor Fitzgerald analyst said the device could also become Apple's fastest selling new product category during the first year on the market, surpassing the iPad, which had 19.5 million units sold in its debut year. He forecasts the company selling 20.6 million units during the first year, driving revenue of $9.6 billion. This translates to about 6.8 million unit and revenue of about $3.2 billion for the 2015 fiscal year, White said.
But the pressure is on Apple to get its smartwatch correct right out of the gate, which could be a problem given the recent reports of the device having a poor battery life.
"Apple cannot afford to misfire with the Apple Watch. It's too big of a company for any product to be a failure. ... The one thing that becomes pivotal this year is the success of Apple Watch early on," Basenese said. "It's going to naturally drive more iPhone sales, so the adoption of the watch becomes critical."
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