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From the so bad it's good file, Baron's Edward Monday of a new note from mezahoe securities.

Analysts Abilamba and Partive Varadirajan think expectations for iPhone are so low that Apple

may surprise to the upside for the second half of calendar year 2016.

Quoting their note, we believe the demand environment remained

lackluster as the company likely remained

challenged by a China slowdown and tough compares.

That said, supply chain work by our Japan analysts had led them to raise, albeit modestly,

their calendar year 2016 iPhone production estimates in June after consecutive cuts earlier

in the first half of 2016.

What they're looking for in the second half of the year are shipments of 18 million iPhones,

but if iPhone 7 proves popular, Apple could beat that expectation.

Whatever the case, the analyst reiterated their buy rating on Apple shares,

as well as their 12-month price target of $120.

Singing a similar song with Pacific Rest Securities analyst Andy Hargreaves.

Similar, though not the same.

...