Expect a soft iPhone cycle: Analyst

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Apple's new iPhone cycle will be "relatively soft" compared to the last one, one analyst told CNBC.

"We had a massive cycle in the [iPhone] 6, a little bit of a down year, and then probably a return to growth next year," said Andy Hargreaves, senior research analyst at Pacific Crest Securities.

Apple is slated on Monday to hold a media event where the company will likely reveal new hardware. Rumor has it, that includes a new midrange iPhone SE, that will look like a revamped version of the iPhone 5S.

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Despite the new wares, Monday's affair is unlikely to result in any surprise moves in the stock, Hargreaves said Friday on CNBC's "Squawk on the Street." Hargreaves had one insight into Apple's potential strategy: The new lower-end iPhone could serve as a contrast to the luxe iPhone 7 expected later this year, he said.

Apple did not immediately respond to CNBC's request for comment.

To be sure, not everyone agrees. Some analysts, like Rosenblatt Securities analyst Jun Zhang, are bearish on the new iPhone, fearing it will be be too hard to compete with a used iPhone 6. But most analysts told CNBC they expect only incremental changes from Monday's event.

"The SE is very much just a stock replacement for the 5S, and I would expect it to be priced the same and do very, very similar volume," Hargreaves said.

— CNBC's Harriet Taylor contributed to this report.

Disclosure: Pacific Crest owns a more than 1 percent stake in Apple and Apple is an investment banking client.