Apple Inc. (NASDAQ:AAPL) may have a tough road in the first half of the year, but things will pick up according to well-known Apple bull Gene Munster. He believes that although the tech giant’s earnings will shrink by 14 percent in the first half of this year, they will become positive by 15 percent in the second half.

Apple analyst Gene Munster

In a report issued to investors today, Munster said even he thinks Wall Street’s consensus for Apple Inc. (NASDAQ:AAPL)’s earnings report is “too high” for March and June, he believes June will “mark the turning point” for the company and its stock.

In Munster’s expectations, Apple Inc. (NASDAQ:AAPL)’s March earnings report will likely be within guidance but below Wall Street’s expectations. He also expects to see the company to increase its dividend. He’s predicting $41.4 billion in revenue for the company’s second quarter, compared to the consensus of $42.8 billion. He also expects 35.5 million iPhones to sell in March, which he believes is in line with buy side expectations. However, Wall Street’s expectations put iPhone sales for the quarter closer to 37 million.

According to Munster, even if Apple Inc. (NASDAQ:AAPL) does have an event in April, it probably won’t have any effect on the company’s shares. Historically, the tech giant has had some kind of event in March or April, but Munster said since we’re almost in April and there’s no sign of anything major happening at the company, the big event will likely be in June.

He’s looking for Apple Inc. (NASDAQ:AAPL)’s margins to “improve sequentially in June” due to economies of scale from products released during the December quarter. He expects the iPhone 5S to ship toward the end of June and to have “modest” upgrades. He also predicts that there will be a low-cost iPhone by September.

In addition, Munster is looking for an announcement about Apple’s iTV in the December TV and probably an iWatch as well. Although he doesn’t expect either of these two products to have a “meaningful impact” on revenue over the next two or three years, he believes that these products will restore the company’s public image as an innovator.

Munster has reiterated his Overweight rating and $767 price target on shares of Apple Inc. (NASDAQ:AAPL).