What happened

Shares of Apple (AAPL 1.30%) were moving higher today after two analysts reiterated buy ratings on the FAANG stock with one noting that Apple seems likely to beat its own vague guidance due to the weakening dollar.

Shares were up 2.9% as of 2:26 p.m. EST.

So what

In a note this morning, UBS analyst David Vogt maintained his buy rating and a price target of $180 on the stock, noting that his earlier decision to lower his estimates on supply chain issues didn't account for the weakening dollar, especially against currencies in Apple's top foreign markets like Europe, the U.K., China, and Japan. 

On its fiscal fourth-quarter earnings call, Apple had guided for a 10 percentage-point headwind in foreign currency, but Vogt believes the actual headwind will be four to five percentage points less than that.

Deutsche Bank also raised its buy rating on Apple ahead of its earnings report next Thursday. Analyst Sidney Ho lowered his price target on the stock from $170 to $160, though he said he expected Apple's Q1 results to meet or slightly beat his estimates. He noted that supply constraints have improved since the company's announcement of delays back in November and that the risk/reward in the stock is positive following a recent pullback in the share price.

Finally, Bloomberg reported more details on the company's upcoming mixed-reality headset, saying that hand-and-eye-tracking capabilities could set it apart from rivals. The headset is expected to cost as much as $3,000 and could be a significant revenue driver for the iPhone maker.

Now what

Apple was rising in tandem with the broad market as investors seemed to be betting the Fed will moderate its interest rate hike to just 25 basis points at its meeting next week.

The weakening dollar will almost certainly be a tailwind for Apple in its upcoming report, at least compared to its earlier forecast, and could be one over the rest of the year. That, the recent sell-off in the stock, and the potential impact of the new headset all make Apple an intriguing buy at the current price, which is just slightly more expensive than the S&P 500.

We'll learn more when the company reports earnings next week.