Deutsche Bank has raised Apple’s target price from $130 to $132 and maintained a “Hold” rating on the stock.

Despite the modest target price increase, Deutsche Bank analyst Sherri Scribner says Wall Street’s consensus estimate is too high for Apple and that “investors will be disappointed by iPhone growth in FY-18 and FY-19.” In other words, Scribner does not see an iPhone supercycle revving up for “iPhone 8.”

Scribner notes “fundamental challenges Apple faces in the smartphone market” including smartphone market saturation due to longer refresh cycles and also notes that Apple faces increasing competition in China.

MacDailyNews Take: Sherri and any of her clients that listen to her are in for quite a surprise!

We await Sherri’s upward revisions after Apple’s iPhone event with bated breath.

Deutsche Bank: ‘iPhone 8’ sales will not eclipse iPhone 6 supercycle – July 11, 2017
Data suggests millions upon million of iPhone users ready to fuel iPhone ‘supercycle’ later this year – April 21, 2017
More evidence for a looming iPhone ‘supercycle’ – April 10, 2017
Citi ups Apple price target to $160 on impending iPhone supercycle – March 6, 2017
Analyst: Here comes Apple’s iPhone ‘supercycle’ – February 21, 2017
Apple seen riding iPhone 8 ‘supercycle’ next year – October 14, 2016