Apple Inc. (NASDAQ:AAPL) shares have been given an Outperform rating from analysts at Pacific Crest, who expect that the company’s first fiscal quarter results will be strong.

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In a report issued to investors on Tuesday, analysts said strong sales of the iPhone should drive those results over the expectations of Wall Street. They project that Apple Inc. (NASDAQ:AAPL) will sell more than 50 million iPhones and more than 23 million iPads in its first fiscal quarter. In their estimates, that puts the company’s first fiscal quarter revenue at $58.3 billion and its earnings per share at $14.79. That’s above the estimates from Wall Street, which are $54.5 billion in revenue and $13.33 earnings per share.

Pacific Crest analysts said Apple Inc. (NASDAQ:AAPL) could run into some trouble in its second fiscal quarter. Their sell-side estimates don’t leave much room for outperformance. They expect revenue for the company’s second fiscal quarter to be less than $41 billion—significantly less than Wall Street’s $47.1 billion revenue estimate for Apple’s second fiscal quarter.

The report also said that in order for investor concerns to be alleviated, the guidance for Apple Inc. (NASDAQ:AAPL)’s second fiscal quarter must be at or above 38 percent.

Pacific Crest is keeping its price target at $565 per share, which is based on 12.5 times their 2013 fiscal year earnings per share estimate of $45.13. They believe that the company remains “well-positioned to maintain its dominance of the high-end smartphone and tablet markets.” However they also believe that market saturation will slow the company’s growth during its 2013 fiscal year and beyond.