Morgan Stanley analyst Katy Huberty expects weaker iPhone shipments as buyers start anticipating new models and lowered her FY17 iPhone revenue estimate by 3% to reflect weak demand ahead of the upcoming "supercycle" that she expects with the ten-year anniversary iPhone.
Huberty is now forecasting 75M iPhones in December and 51M in March, down from 79M and 55M, respectively. However, she increased her FY18 iPhone revenue estimate by 6% and looks for 20% shipment growth in FY18 to iPhone units of 253M.
Huberty has an Overweight rating and $148 price target on Apple (AAPL) shares.
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