In recent days, a plethora of Wall Street analysts have dramatically revised their earnings and sales report estimates ahead of Apple's quarterly earnings report next week.

As MMi reported Thursday, Charlie Wolf with Needham & Company recently told investors that he upped his June iPad shipment forecast by almost double to 20 million units. Wolf is one of many who think that Apple's Q3 earnings report may blow previous expectations out of the water.

As a result, Wall Street is buzzing and reportedly encouraging investors at an unprecedented rate to buy shares of AAPL before next week. So is it all hype or are there legitimate reasons to believe AAPL could hit new all time highs following a blowout report?

"We believe investors should own AAPL going into the June quarter earnings as we expect the company to report iPhone units better than low expectations of the buy side," Gene Munster said Monday, citing the pronounced weakness of Apple competitors over the last several months.

Apple will report Q3 earnings on Tuesday, July 24th, at 2 p.m. PST, 5 p.m. EST. As always, MMi will cover the news coming out the call as it emerges.

Source: Business Insider