At least one analyst thinks Apple may have a tough time selling the iPhone and the iPad next year.
UBS analyst Steven Milunovich lowered his iPhone sales expectations for 2013 by 5 million for each of the quarters ending in March, June and September, according to CNET. He also lowered expectations for the iPad, dropping the estimates for each quarter by 2 million units.
In addition to lower sales, Milunovich, in a note sent out to investors, also lowered Apple's stock target price from $780 to $700. He also brought down his earnings estimates for both fiscal 2013 and fiscal 2014.
Milunovich explained he was bringing down his estimates for a number of reasons.
In China, where the iPhone 5 is launching today, Milunovich said that his sources say they don't expect the latest version of the Apple smartphone to sell as well as the iPhone 4S, its predecessor.