Although Apple's April 27th earnings report won't include sales numbers from the launch of Apple Watch, that doesn't mean Wall Street is taking the upcoming report lightly.

In fact, ever since January's earnings report, which revealed record-breaking blockbuster numbers for Apple's holiday quarter, optimism has grown for the report Apple is preparing to deliver in a little more than two weeks.

Covering the sales period of the first three months of 2015 (Apple's fiscal Q2), the looming report could wow the market once again, say UBS analysts Steven Milunovich and Peter Christiansen in a note shared with investors today.

The analysts said "their UBS Evidence iPhone Monitor suggests Apple sold 64 million iPhone units during its second fiscal quarter. This is a slight decline from their last reading of 66 million but significantly ahead of the consensus estimate of 55.5 million."

If Apple manages to beat estimates, shares of AAPL could zoom to the upside once again.

Although the numbers will all but certainly be promising later this month, things won't really get interesting until later this year as we get a true sense of Apple Watch's influence on the company's bottom line. Of course, if the wearable has the profound impact anticipated, shares of AAPL will likely catch fire to a degree we haven't yet seen.

Stay tuned.

Source: ValueWalk