'Valuation leaves little room for error': Here's what 4 Wall Street banks expect from Apple's fiscal 4th-quarter earnings report | Markets Insider

is slated to report fiscal fourth-quarter earnings on Thursday afternoon, but it's current-quarter commentary that Wall Street is set to watch closely.

Here's what four major banks expect from Apple's fiscal fourth-quarter report, from iPhone demand commentary to steady Services growth.7 stocks to buy - in addition to the FAANMGs - for a second wave of COVID-19, according to a Wall Street expertAnalysts led by David Vogt expect Apple's report to contain few fourth-quarter surprises.

"We believe the shares are likely to remain range-bound until investors gain clarity on the initial success of the iPhone 12 launch," the team said, adding that investors will reserve judgment on the new phones' success until Apple reports current-quarter earnings.Wedbush: Demand commentary is 'the main event'

The analyst has long looked forward to the latest iPhone release, as the roughly 350 million iPhone users eligible for upgrades set Apple up for a"once in a decade" launch. Ives expects roughly 80 million iPhones to have been sold during the initial launch period. Should the estimate prove right, the latest iPhone rollout could be the best since the iPhone 6 release in 2014, the analyst added.

Supply-chain data and order wait times suggest the iPhone launch is off to a good start, but the team remains guarded on whether earnings will lift shares much higher. Limited 5G coverage around the world and the lack of a"robust 5G app ecosystem" may keep some users from upgrading to the new generation, the analysts said.

Market share data cited in the bank's Monday note shows Apple's dominance gaining 3.3 percentage points from the year-ago period. The boost was likely fueled by the company's lower-cost iPhone SE, and may allay concerns of weakness in the recent quarter, according to the bank.

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