Barclays lowers AAPL target to $115 on overall problems in smartphone demand

iPhone shipping estimates have been reduced from 40.9 million to 39.9 million for the June quarter, and from 46.6 million to 43.9 million for the September quarter, Mark Moskowitz wrote in an investor memo seen by AppleInsider. The analyst lowered his overall 2016 iPhone numbers from 212.1 million to 203.7 million, and is now forecasting 224.4 million iPhones for 2017 instead of 233.8 million.

The annual unit numbers would imply a 12 percent decline for 2016, but a 10 percent rebound next year.

Apple's stock could rise following an "iPhone 7" launch this September, Moskowitz suggested, but the next "mega cycle" isn't predicted until next year, when an iPhone with "major form factor changes" is expected. That model is rumored to include an edge-to-edge OLED or AMOLED display, possibly integrating camera and Touch ID components.

Apple is due to reveal results for the June quarter on July 26. The company's guidance has been bleak, calling for billions less in revenue year-over-year.