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Pacific Grant Securities Analysts Andy Hargreaves thinks iPhone sales are fine.

That seems to be the crux of a note he published on Monday.

Barons had the analyst issuing a note wherein he trimmed his 12-month

price target on Apple shares from $132 to $127 on iPhone demand that he sees as stable but soft.

His problem seems to be that Apple is going to meet second quarter expectations but not beat

them.

Apple is guided for March quarter revenue of $50 billion to $53 billion.

Hargreaves expects that to come in at what he calls the low end.

He's looking for revenue of between $50 billion and $51.3 billion, which looks to me like low to

mid, but yeah, it is in the bottom half of Apple's guidance.

It's still in Apple's guidance, though. Like many who think Apple does one good trick a year,

Hardgrieves is setting his sights on Apple's next flagship phone.

Quoting his note, we see no evidence of iPhone customers leaving the platform at greater levels.

If this remains the case, we continue to believe normal replacement dynamics will drive mid-teens

iPhone unit growth in the iPhone 7 cycle which should drive commensurate

earnings per share growth in fiscal year 2017. He's aware by the way of the

four-inch iPhone refresh that most anticipate this month.

...