In a new report, Pacific Crest analyst Andy Hargreaves previewed what he believes will be a tough earnings report for Apple shareholders.

Hargreaves believes that Apple’s iPhone numbers and guidance will come in below consensus expectations, but he feels that a readjustment of expectations might be just what the stock needs.

Earnings Expectations

According to Hargreaves, Pacific Crest is calling for Apple’s fiscal Q4 earnings and revenue to fall in line with consensus expectations. However, the firm expects Apple to guide for fiscal Q1 revenue “well below” Wall Street expectations of $76.4 billion.

In addition, Pacific Crest is predicting Q1 iPhone unit sales of 66.9 million, a number that Hargreaves believes is below both buy-side and sell-side expectations.

Stable Margins

Despite Pacific Crest’s call for weak guidance, the firm expects…

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