Channel checks suggest Apple's core suppliers are expecting a 20 percent cut in orders, Brian Blair of Wedge Partners said Monday.
"So, when they make a dramatic change in their forecast, they need to let their suppliers know," he said. "And this is coming from some of our supply-chain work out of China and Taiwan that has let us know, not exactly, but that there's been roughly this kind of a change in their forecast for the period from June to December, about a 20 percent cut in what they've been telling their suppliers to be ready for."
Apple stock closed at $415.05 per share, down 0.57 percent.
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On CNBC's "Fast Money," Blair said that "approximate numbers" show Apple was likely forecasting demand for 115 million to 120 million iPhone models, which was recently cut to about 90 million to 100 million total iPhone units.
Blair also said that he expected Apple to produce a smartphone at a lower price point.
"For the new low-cost phone, I believe that it's basically going to be something similar to what the current iPhone 4 will look like but with a plastic back instead of a glass back," he said. "That will allow Apple to sell it at a lower cost, but I do believe there will be some different parts.