Tech giant Apple Inc. (NASDAQ:AAPL) will be announcing its fiscal third-quarter results on July 26, 2016. Ahead of earnings, Barclays analyst Mark Moskowitz lowered his iPhone unit estimates for the Jun-Q, Sept-Q, C2016, and C2017 to 39.9M, 43.9M, 203.7M, and 224.4M, versus 40.9M, 46.6M, 212.1M, and 233.8M. As a result, Moskowitz reduced his price target for the stock from $121 to $115, while reiterating an Overweight ratings.

Moskowitz wrote, “This is the third consecutive pre-earnings cut, which is becoming tedious. The magnitude of the cut is a little bigger than the prior two. However, we think the stock could work after any post-earnings weakness, as the lead up to the IP7 launch is not too far away. We still expect the next mega cycle to be C2017, though, when Apple skips to IP8 with major form factor changes, meaning more volatility could persist in the stock after the initial IP7 rollout.”

“While we think the stock has largely adjusted for a marginal cycle at best with IP7 later this year, there could be near-term temporary pressure on the stock as consensus estimates likely reset one more time lower this month. The pain could be short-lived, though. Historically, the stock recovers after any summer sell-off in the lead up to new iPhone model launch,” the analyst continued.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mark Moskowitz has a yearly average return of 14.5% and a 62.2% success rate. Moskowitz has a 34.8% average return when recommending AAPL, and is ranked #143 out of 4060 analysts.

Out of the 39 analysts polled by TipRanks (in the past 3 months), 33 rate Apple stock a Buy, 5 rate the stock a Hold and 1 recommends to Sell. With a return potential of 25%, the stock’s consensus target price stands at $123.88.