Deutsche Bank is out with a new note warning investors that expectations for another iPhone supercycle are far too high.In the note seen by Business Insider, analysts Sherri Scribner, Adrienne Colby, and Jeffrey Rand write, "We believe investors will be disappointed by iPhone growth in FY-18 and FY-19." They believe fundamental challenges in the smartphone market are being ignored including saturation in mature markets, elongated refresh cycles, declining share, increased competition in China, and a growing secondary market.
Back in 2015, "everything went right for the iPhone 6 cycle." Sales were boosted by a several advantages that will not repeat including a much larger display and the addition of China Mobile as a carrier. "That cycle saw peak iPhone shipments of 231M in FY-15, a shipment level the company has not been able to repeat."
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