Analyst Daniel Ives is the latest to lower his sights for Apple, after other firms trimmed their expectations for the iPhone maker.
Though the newest iPhone models, 6S and 6S Plus, just hit the market, Ives said his bets hinge on the iPhone 7.
"This is a seminal product cycle," said, Ives, managing director and senior analyst at FBR. "Apple's growth, and really the future of the company, is going to depend on that iPhone 7. Can we see a 260, 270 million unit number [of sales]?"
Despite Apple's voluminous cash pile and massive user base, shares have declined 20 percent since April 28. Concerns about trouble at iPhone suppliers egged on the decline.