Apple Poised for a Comeback

Apple also faces cannibalization of iPod sales from the iPhone, but the company hinted that it has greater plans for the iPod.

"This new iPod (the iPod touch) has the potential to grow the iPod from being just the music and video player into being the first mainstream Wi-fi mobile platform running all kinds of mobile applications," Peter Oppenheimer, chief financial officer of Apple told analysts on a conference call Tuesday.

That could help revive the iPod line, says Munster. "If Apple offers lower-priced touch-based iPods with applications other than the current music and video, like Mail, YouTube, Google(GOOG Quote) Maps, the company will be able to maintain the growth in the iPod business," he said in a research note. Piper Jaffray makes a market in Apple share.

Apple's Not Totally Baked

Apple's strong suit now is its Mac computers, says Dator. Apple shipped 2.31 million Macs, posting a 47% revenue growth from the year-before that was mostly in line with analysts' expectations. In terms of units sold, Macs grew 44% from a year ago.

This year, Apple could see Mac share rise to 3.8% worldwide from an estimated 3.1%, says Mike Abramsky, an analyst with RBC Capital, which makes a market in Apple shares.

"We estimate each 0.25% share gain equates to $700 million and 11 cents in EPS," Abramsky told clients in a research note. "The uber-thin Macbook Air may also help Mac share with the added benefit of driving traffic into Apple retail stores." Abramsky estimates 50,000 to 100,000 Macbook Airs will be sold this quarter.