Don't Want To Alarm You, But Analysts Think Apple Is Having A Truly Terrible Quarter

That seems to be the attitude of BTIG analyst Walter Piecyk.

This morning he upgraded Apple to a "buy," after being one of the first people to predict its troubles last year.

In his buy note he does warn that Apple isn't safe yet.

He writes, "Apple will soon report quarterly results which might not only miss its own guidance but could also include guidance for the upcoming June quarter that is $5 billion below consensus."

Piecyk is the third analyst in the last week to warn Apple could whiff on its own guidance of $41-$43 billion in revenue.

Citi and Jefferies also floated it as a possibility.

Basically, they all think iPhone and iPad sales are going to be lighter than expected.

If Apple missed its own guidance it would be a disaster for the stock. It would make management look incompetent.

Piecyk is the first we've seen to warn about terrible June guidance. If that happens, it could hammer the stock.

But! Once all of that happens, he's bullish the stock rebounds all the way to $540.