Piper Jaffray analyst Gene Munster has lofty expectations for Apple tomorrow, as the company prepares to report earnings for the fourth quarter of 2014 (Apple's Q1 of 2015).

Although Munster believes Apple will have sold fewer iPhones than many analysts are anticipating (Munster is expecting 65 million, as opposed to 70 million of more projected by other Wall Street watchers), the real fireworks may come with Apple's revised outlook for its fiscal Q2 of 2015.

"Heading into Apple's Dec-14 report (1/27), we believe the core takeaway will be that the iPhone 6 is off to better than expected start and strength of cycle will be more sustainable than in past cycles meaning through the life of the cycle, i.e. through Sep-15," Munster tells investors Monday. "As we move through the iPhone 6 product cycle, we believe investors are already starting to look to the next product and the tough comps created by the current super-cycle, which will be the core theme for the stock as we get past March. We believe that Apple's guide could imply about 5% revenue upside to Street estimates in March and believe that would be enough for the stock to react positively post earnings."

That optimistic outlook could, in fact, do more to light a fire under shares of AAPL over the next few months than any grandiose iPhone sales number logged during the final three months of 2014. MMi will have complete earnings coverage of Apple's Q1 2015 report tomorrow after the close of trading on Wall Street.

Source: Street Insider