Following Apple’s announcement of the iPhone X release, the company’s smartphone sales have dropped significantly. Customers seem to be putting off buying current models, preferring to wait for the top-of-the-line product to hit stores in November.

The iPhone X, Apple’s most advanced iPhone to-date, was unveiled at Apple’s Cupertino Campus on September 12th in celebration of the company’s 10th anniversary. The news conference also introduced other models, including the iPhone 8 and iPhone 8 Plus. The iPhone X incorporates innovative features like a Super Retina screen, Face ID technology, and a durable stainless steel body.

Many iPhone users who want to replace their older models are therefore holding out for the opportunity to buy the iPhone X next month.  Its release is widely expected to trigger an explosion in iPhone sales, and traders are now wondering whether there will be a corresponding rise in Apple’s stock price.

RBC Capital Markets and Morgan Stanley analysts are predicting the iPhone X will have a positive effect on AAPL stock. One Morgan Stanley expert advised traders to buy “Apple shares on any weakness given the last 2 periods of meaningful iPhone growth acceleration (iPhone4 in 2010-11 and iPhone6 in 2014-15) produced elongated periods of AAPL share outperformance”.

Since the release of the first iPhone in 2007, Apple stock has increased by more than 820%. The iPhone7 and iPhone7 Plus models were released last September, and despite experiencing subsequent rises and falls, the share price has gained more than 40% overall, rising from $115 to around $164.

As a result, many traders are banking on the new iPhone’s success, especially as the smartphone market is now fully mature, fiercer than ever, and, some would say, mildly saturated. Apple’s approach is to maintain its competitive edge and superior brand appeal through innovation and new verticals. Services such as iTunes, AppleCare, App Store, Apple Music, Apple Pay, and iCloud are all crucial to the company’s revenue, as well as its stock price.

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