Apple fans may be counting their chickens before they hatch, one analyst told CNBC on Thursday.
"It's just a little early to be overly bullish on an iPhone 7 that no one's seen," said Walter Piecyk of BTIG. "You can't really give them a 'buy' on some other revenue coming in over the next couple of quarters. What we're left with are numbers that are basically in decline throughout the rest of this fiscal year."
As unexpected praise pumps up Samsung's new Galaxy S7, Apple may not be able to keep up, Piecyk wrote in a research note Thursday. That, on top of new plans from mobile carriers in the U.S., prompted Piecyk to trim his estimates for iPhone sales, chopping his price target for Apple shares to $130 per share from $141.