From a note to clients by Rosenblatt's Jun Zhang that landed in my inbox Friday:
We See a Stronger December Quarter and Believe March Quarter Risk Is Overblown
We expect Apple to report December quarter results that are stronger than current Street expectations as our research points to higher than expected iPhone X production last month.
Although we believe Apple may guide below the street for the March quarter (we estimate a range of $61-63 billion, below current consensus of $68 billion) as iPhone sales have slowed, we are not as bearish as some since it’s our view that the company should recognize a portion of the iPhone X units that were produced in December and iPhone SE2 shipments (we anticipate 5-6 million shipments) which could begin as early as March. We also believe there could be upside from the HomePod (available Feb. 9) and continued strong demand for AirPods. We are currently modeling 55 million and 41 million iPhone shipments for the March and June quarters, respectively.
Maintains Buy rating and $180 price target.
My take: The Street doesn't know which way to turn on Apple this week.