NEW YORK (TheStreet) -- Shares of Apple (AAPL - Get Report) are declining 0.46% to $98.20 late Monday morning ahead of the company's 2016 third quarter results due out after Tuesday's closing bell.

Wall Street is expecting the Cupertino, CA-based tech giant to report adjusted earnings of $1.38 per share on revenue of $42.1 billion.

Last year, Apple said it had adjusted earnings of $1.85 per share on revenue of $49.6 billion.

Drexel Hamilton reiterated a "buy" rating and $185 price target on the stock ahead of earnings, Barron's reports.

Although the company is heading for its largest iPhone decline ever, investors should look to the new year for a return to growth, according to the firm.

"Similar to the negative sentiment that engulfed Apple in late 2012 through the summer of 2013, the 'gloom and doom' around Apple resurfaced in late 2015 and has picked up steam in 2016," Drexel Hamilton wrote in an analyst note cited by Barron's.

But the emergence of India as a growth market are encouraging for coming quarters, the firm said.

"Although we expect a 25-35% YoY total 3Q:FY16 revenue decline in Greater China, India is ramping and we believe Apple has an opportunity to generate $10-15 billion in annual sales by FY:21," Drexel Hamilton added.

Given more favorable comparisons and the expected launch of iPhone 7 this September, the firm believes iPhone units will resume growth in the 2017 fiscal second quarter and deliver growth for the full fiscal 2017 year.

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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Apple stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AAPL