Apple Inc. (NASDAQ:AAPL) is set to release earnings this afternoon, which is one of the most anticipated events of the earnings calendar. Subsequently, Piper Jaffray analyst Gene Munster weighed in today with his prediction on the company’s earnings. Apple shares are currently trading at $132.49, up $2.08 or 1.60%.

Munster wrote, “When Apple reports Mar-15 earnings this afternoon (April 27), we expect excluding FX, the company will report revenue in line with Street estimates ($56 billion, implies 57 million iPhones) and guide Jun-15 up by 1% at the high end of its guidance. While expected by investors but not reflected in Street estimates, FX will weigh on results and guidance by 2-3%.”

“Overall, we believe there could be some modest upside to the rest of CY15 and CY16 based on iPhone market share declining at a slower rate than other cycles (share gains), which we believe helps the upside case for the stock. We expect the capital return headline number closer $170 billion. Apple will not be reporting much substance around early Watch demand. We maintain our Overweight rating and $160 price target.”, the analyst added.

The analyst reiterated an Overweight rating on AAPL with a $160 price target, which implies an upside of 23% from current levels.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 28.8% and a 73.5% success rate. Munster has a 31.8% average return when recommending AAPL, and is ranked #1 out of 3581 analysts.