After a sharp rise in the previous period, short interest in Apple Inc. (NASDAQ: AAPL) retreated about 6% in the two-week reporting period ended September 30, the first drop since July. Some 87.08 million Apple shares were short, which is about 1.5% of the company’s float. Days to cover was less than two, at an average daily volume of more than 55 million shares traded.

Apple remains one of the most shorted stocks on the Nasdaq, and in the final two weeks of September, the shares pulled back 4.8%.

Year to date, Apple’s stock is up about 1.6%, despite a nice recovery since mid-August when the shares were down about 6.5%. Since then, of course, the company has launched its latest versions of the iPhone, the 6s and 6s Plus, as well as new version of Apple TV, an updated operating system for the Apple Watch and a new, larger iPad.

Apple said it sold more than 13 million of its new iPhone 6s and iPhone 6s Plus models in the first three days after the product launch. At last year’s launch of the iPhone 5 and 5 Plus, the company reported sales of more than 10 million units on the first weekend. This year Chinese customers could buy the 6s and the 6s Plus on the same day as buyers in the United States, Canada and nine other countries around the world, which no doubt helped create that boost in sales.

Investors apparently expected more, as shares pulled back after the announcement and have yet to fully recover.

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Still, iPhone sales were a big part in why Apple was named the most valuable global brand in the 2015 Interbrand World’s Best 100 Global Brand survey. Its estimated brand value was $170 billion, which was up an incredible 43% from the previous year.

Furthermore, Apple continues to move up the worldwide and domestic sales charts when it comes to personal computers. Apple sold 5.32 million desktop and laptop computers in the third quarter, to earn a 7.5% share of the global market for PCs. But it is a shrinking market, as overall worldwide unit sales of PCs fell 10.8% in the period.

Apple is scheduled to report its fiscal fourth-quarter financial results on October 27. One key analyst believes that Apple’s earnings potential may be undervalued. Oppenheimer also sees the stock as unfairly undervalued on exaggerated fears over long-term iPhone shipment trends and lack of “something new.” So the firm maintained its Outperform rating and $155 price target, implying upside of 27% from current prices. The shipment and earnings estimates for Apple remained unchanged as well.

Apple stock closed up about 2.4% on Friday, at $112.12 in a 52-week range of $92.00 to $134.54. The consensus analyst price target is $147.20.

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