As for the earnings - analysts expect Apple to report 1.88 a share, up from 1.42 in the year ago quarter. Will sales of the iPhone remain strong enough to outweigh potential iPad sales weaknesses and other soft-spots (iTunes, Apple Watch). That remains to be seen.
Starting a position at 115 is acceptable. The P/E ratio is cheap and the company has a massive cash horde on its balance sheet. Apple is truly a value company now, not a growth oriented stock.
Short term rating = BUY
Long term rating = BUY