There's been a lot of attention on Verizon's recent second-quarter report, and what that could indicate about Apple. Goldman Sachs' Bill Shoppe points out that iPhones were just over half of all Verizon smartphone activations in the quarter, a 41 percent year-over-year increase.
Shoppe says that while it's encouraging that the iPhone is showing upside at Verizon, U.S. carriers sales are not necessarily representative of overall performance.
"We continue to believe that Apple needs to launch a series of successful new iOS products this fall for the stock to completely be in its recovery," Shoppe said. "And we expect it will introduce a refreshed iPhone and a low-cost model this fall."
(Read more: Why Apple is still the king of design and innovation)
Another issue facing Apple is tough iPad comparisons with last year, especially when it comes to margins.
Telsey Advisory Group's Tom Forte projects Apple's operating margin will contract 800 basis points to 25 percent, because of gross margin pressure from "refreshing its product line" late last year and a mix shift toward lower-margin iPad minis, among other things.
—By CNBC's Julia Boorstin. Follow her on Twitter: