Oppenheimer analyst, Andrew Uerkwitz, is concerned that investors might find Apple's (NASDAQ: AAPL) announcement on 3/21 to be underwhelming. He expects to see several “under the hood” improvements across devices that are not comparable to the iWatch announcement last year. "[W]e worry investors will find the next several Apple media events underwhelming," the analyst said. No change to Outperform rating or $120 PT.

The iPhone cameras best embody Apple's ability to elevate off-the-shelf components with superior software engineering skills to differentiate themselves from competition. They believe a series of major overhauls are in line for the upcoming iPhones - they see 360 video and depth sensing as the most likely new features.

Apple will continue to push wider deployment of Siri. This year, they believe Apple will encourage third-party developers to link with Siri in more meaningful ways, as a counterattack to "OK Google" and Amazon Echo.

Apple has been building up to release a mobile VR headset based on potential changes in display technology (OLED), GPU improvement (consistent doubling of performance in recent iterations), and the introduction of more sophisticated sensor fusion, all of which will allow Apple to introduce a VR headset that utilizes current iPhones or iPads.

Bottom line, the analyst said Apple's broadened device line-up and improving user experience will continue to add leverage to its ecosystem, allowing the company to engage and retain users previously untouched. It does this in small steps - and ultimately enables the company to create the next big thing. This is not model changing, and it could frustrate investors, he said.

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Shares of Apple closed at $105.80 yesterday.