Apple is also holding its World Wide Developer Conference (WWDC) in the middle of June, which typically involves a major product announcement. We could potentially see a new mobile operating system, more apps from Apple, a Mac refresh, and more.

Sterne Agee's Shaw Wu believes some of the biggest news from the conference could focus on the new software features that Apple is planning.

Apple has relied on Google ( GOOG) for its Maps in iOS, but will reportedly announce a new Maps app, with 3D capability that offers a better user experience. "While a lot of focus will likely be on how this replaces Google Maps that currently powers every iOS device shipped (365 million iPhone, iPad, and iPod touch units as of the March quarter), we hear the key reason why Apple decided to do this is that it believes it can deliver a much better user experience in Maps, not to mention provide further differentiation for its mobile devices business," Wu wrote. He rates Apple "buy" with a $780 price target.

Apple has not refreshed any of its major product lines except the iPad in the last six months, and its Mac computers have not been refreshed in more than a year. Wu believes Apple is likely to announce a slew of new computers, which are vast improvements over previous versions.

"These will likely see upgrades to Intel's ( INTC) latest Ivy Bridge architecture which brings more performance per watt and enhanced graphics. The other big upgrade will likely be new HD retina displays," Wu noted.

There's also likely to be a heavy emphasis on camera and photo apps at the conference, Wu noted. This could be tied to the popularity of Instagram, which is being acquired by Facebook ( FB). The social networking giant recently announced its own photo sharing app in conjunction with Instagram.

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