and lead to a great increase in number of iPhones sold in 2018.

One of the reasons that people expected this was because the iPhone X

was gonna be one of the first new design reveals since the iPhone 6.

UBS sees it a little bit differently. Results from UBS evidence lab smartphone survey

show buying intentions are flattish from a year ago

for people planning to upgrade their iPhone.

And they're also showing that the average age of handsets

is stabilizing at about two to two and a half years,

so this hasn't shown, according to their data, a huge increase in the number of people that are buying the new iPhone X.

UBS still expects strong sales but they do not see the super cycle happening.

One of the reasons could be

that the features that Apple was presenting and that they were so excited

about are not what consumers care about.

According to the UBS data,

the things that people care about are still

price and battery life.

Certainly what I care about, it's the only thing I've talked about in my iPhone X.

The things people don't care about that they care about the least,

that they rate more unimportant than important,

are virtual reality, Face ID and augmented reality,

which are three of the biggest things that they revealed

during their big presentation.

UBS still has a "buy" rating on the stock

and has a price target of a hundred and ninety dollars per share

over the next 12 months.

They just don't expect to see a pickup in iPhone sales.

that many others had expected.

According to UBS's is Stephen Milunovich,

"The stock narrative should from iPhone to cycles to iPhone annuity —

How does Apple monetize the installed base through additional products and services?"

And that's the bottom line.