A bearlish scenario for Apple

Wall Street estimates that Apple will sell 142 million iPhones in 2019, down from 167 million the year before, and in line with the number sold in 2017. Apple has managed to push up the price of the average iPhone sold, from $652 in 2017 to an estimated $768. But that, predictably, has hurt demand.

It’s unclear whether the next generation of iPhones, due in the fall, could re-energize demand. Wall Street isn’t expecting much, as analysts see essentially flat iPhone unit sales in 2020, as well.