Raymond James believes the 2020 iPhone could return iPhone units to growth, the firm said in a note written by Chris Caso and Melissa Fairbanks.
"We continue to expect a weak iPhone cycle through June '20, and while expectations are already low, we don't see a catalyst until the Fall '20 5G iPhones," the note said. "But our upgrade earlier this month reflects our conviction that cycle (which we expect to include wide availability of 5G throughout the iPhone lineup) will return iPhone units to growth and repair the mix deterioration within the iPhone lineup. While that catalyst remains more than a year away, we have chosen to be early in our call."