The analyst sees unit sales in the quarter of 24.5 million iPhones and 14.3 million iPads.
He adds that September quarter consensus estimates - $38.2 billion and $10.29 a share - look too high, but that it may not matter.
"We believe some investors continue to underestimate the likely slowdown in iPhone sales over the next few months," he writes. "However, extremely strong expectations for iPhone 5 will likely overwhelm any increasing concern about FY Q4 results."
Hargreaves asserts that "investors remain appropriately focused on the potential for iPhone 5," which he and others expect to arrie in October. "We expect the product to be supply constrained for several months, which suggests that component supply and production capacity are likely to dictate Apple’s [first half fiscal] 2013 earnings power and the direction of its stock."
He keeps his $690 target price on the shares.
AAPL is down $1.44, or 0.2%, to $605.50.
