Apple likely to post 'in-line' iPhone revenue, seeing uptick in China: Wedbush
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Apple (NASDAQ:AAPL) is slated to post quarterly results on May 4 and all indications from Wedbush Securities are that the tech giant will at least post "in-line" revenue from its iPhone line, perhaps aided by an uptick in demand from China.
Analyst Dan Ives, who has an outperform rating on Apple (AAPL), said recent supply chain checks out of Asia showed solid results for the iPhone, despite worries about the global economy. Additionally, the company is likely to benefit from "stable" Services revenue and at least meet Wall Street estimates. 
"We believe iPhone units based on a clear uptick in demand around the key China region this quarter could show some upside despite the shaky macro as higher ASPs and overall upgrade activity on iPhone Pro 14 carry the day for [Tim Cook and company]," Ives wrote in an investor note.
A consensus of analysts estimate Apple (AAPL) will earn $1.43 per share and report $92.84B in revenue.
Ives added Apple (AAPL) has gained roughly 3% market share in China over the past 12 months. Going forward, the transition from the iPhone 14 line to the next iPhone lineup should be a "steadier transition" than in the past, as Ives said the next iteration is likely to be "highly anticipated," even as the average selling price continues to near $900 per iPhone, due to strength for its premium Pro and Pro Max devices.
The analyst also posited Apple (AAPL) is likely to see easier year-over-year comparisons as foreign exchange headwinds have slowed down into fiscal 2024.
Conversely, Seeking Alpha contributor Bluesea Research forecasts negative growth for Apple's (AAPL) services unit, which is likely to hurt the stock in the near-term.
Separately, Bank of America analyst Wamsi Mohan said Apple (AAPL) is likely to update its capital return program when it reports quarterly results, adding a new $80B buyback and a 5% dividend increase.
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