Apple Inc. (NASDAQ:AAPL) experts have been forecasting bad news for the company’s June report, but analysts at Morgan Stanley don’t think it will be so bad after all. While some analysts believe the company will miss its June guidance, Morgan Stanley believes it will be in line or even slightly above its guidance.

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In a report issued to investors this week, the analysts said off-balance sheet commitments, which have a 95 percent correlation to revenue, indicate that the company will report in-line or slightly better than expected June quarter revenue of $33.5 to $36.4 billion, compared to the company’s June guidance of $33.5 to $35.5 billion. They said non-retail store capital expenditures is another good indication of the company’s revenue, and it indicates that June revenue could be closer to $37 billion.

In their view, Apple Inc. (NASDAQ:AAPL)’s next stock catalyst will be its June developer conference when it is expected to preview iOS 7. Morgan Stanley analysts believe the company will return to earnings per share in the fourth calendar quarter of this year after it launches new products and annualizes its iPad Mini introduction, which has a lower gross margin than Apple Inc. (NASDAQ:AAPL)’s other products.

They also point out that Apple Inc. (NASDAQ:AAPL)’s 10-Q wording suggests that the company might open some more international store locations. It said more than three-quarters of the 30 new stores planned for its fiscal year 2013 would be outside the U.S., compared to approximately three-quarters in the last 10-Q report.

As of the moment of this writing, shares of Apple Inc. (NASDAQ:AAPL) are up .64 percent in pre-market trading.

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