Another quarter, another blowout expected for Apple earnings.
The tech giant is scheduled to report its first quarter earnings after the closing bell on Tuesday. And as of Monday, analysts were expecting the company to report earnings of $2.60 per share on revenue of $67.69 billion, according to a Thomson Reuters survey of 40 analysts. Those numbers account for a 26 percent and 18 percent increase year over year, respectively.
That's higher than Apple's own guidance, which was $63.5 billion to $66.5 billion for the quarter.
"Our expectation is, that not only are they going to have a strong quarter, but we think the guidance will prove encouraging, too," R.W. Baird senior analyst Will Power said Monday on CNBC's "Squawk Box."
Sales of the iPhone, which make up the bulk of Apple's revenue, are expected to be huge. While the focus will be on iPhones, there may also be strong upside potential to average selling price and gross margins that could drive shares higher, said Power, who has a $129 price target for the stock.
In midafternoon trading Monday, Apple's share price was $113.65.
Read MoreChina buying more iPhones than US
And with strong China growth, plus new products in the pipeline this year, some investors are betting the stock has even more momentum in 2015.