According to a new report this morning, Cowen's Apple analyst, Timothy Arcuri, projects that Apple could sell 50 million iPhones in the June quarter which would offset continued iPad weakness and some concerns he has that Apple may not sell 3 million Watches in the quarter. Arcuri also believes that Apple could sell 50 million iPhones in the September quarter. This isn't too much of a stretch but could largely be dependent on when the next iPhone is available.

According Barron's, Cowen & Co.'s Arcuri raised his price target to $140 from $135, writing that his "field work" is "suggesting a far less pronounced 'shoulder' period for this iPhone cycle as 6/6+ units remain very strong," suggesting Apple could sell 50 million iPhones this quarter and as many next, above Street expectations.

Arcuri models Apple turning in $51 billion in revenue this quarter and $1.88 per share in EPS, above Street consensus of $48 billion and $1.75.

During Apple's April Financial Conference Call, CEO Tim Cook noted that Apple had sold 61.2 million iPhones and believed that there was still significant growth ahead for the iPhone 6 and 6 Plus as there was still evidence of momentum. This is beginning to look as if it'll definitely pan out for calendar Q2 (fiscal Q3). Then again, when it comes to financial forecasts, only time will tell.

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