Yeung is expecting Apple to refresh much of its product lineup in its fiscal fourth quarter, as it did last year. He's expecting the iPhone 5S, a new iPad mini with Retina Display and one without Retina Display; a lighter, thinner iPad 4; and a MacBook Air with Retina Display. He did note that he does not expect a larger-screen iPhone and has not baked in a low-end iPhone to his estimates, as he remains unclear on the topic.

BGC Partners analyst Colin Gillis noted that any positive news about the next product cycle could be a catalyst for the stock to move toward $500. "We are not saying that the challenges facing Apple as the tablet and smartphone markets evolve are going away (declining ASPs, saturation of developed economies, lackluster innovation), but it is possible that the pessimism surrounding the stock could lift as we approach the next product refresh cycle," Gillis wrote in a research report. He upgraded Apple shares to buy from hold but lowered his price target to $500 from $550.

Apple shares were higher in Monday trading, up 1.62% to $396.86.

-- Written by Chris Ciaccia in New York

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