Big week begins for Apple Inc.

“Apple Inc. is facing the culmination of months of rumors and speculation when it takes the stage in San Francisco [Wednesday] to lift the wraps on what the company calls its ‘latest creation,’ widely expected to be a touch-screen tablet device,” Rex Crum and Dan Gallagher report for MarketWatch. “Before that happens, however, the consumer-electronics maker will report results for the December quarter, which is expected to feature strong earnings growth driven by sales of iPhone and Mac products.”

“Analysts say that while the earnings report will be watched closely, all eyes will be on Apple’s event two days later.,” Crum and Gallagher report. “”

Crum and Gallagher report, “Apple (AAPL 202.10, +4.35, +2.20%) shares peaked above the $215 mark [last] week… [and] Wall Street thinks the stock will go even higher. The median price target on Apple shares right now is $250, and some analysts have gone as high as $280. The median implies an upside of nearly 20% from the stock’s current trading levels. ‘We believe shares of Apple will likely move higher when Apple reports its December quarter, based on our confidence that the Mac and iPhone momentum will continue into 2010,’ wrote Gene Munster of Piper Jaffray in a note Tuesday. ‘Hype leading up to the expected tablet unveiling on Jan. 27 should also be a positive catalyst for shares.'”

Later today, after market close, Apple’s “earnings are expected to rise to $2.06 per share for the quarter, compared with $1.78 per share for the same period the previous year, according to consensus forecasts from Thomson Reuters,” Crum and Gallagher report. “Revenue is expected to rise 18% to $12.05 billion compared with $10.17 billion last year.”

Full article here.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]