Toni Sacconaghi: 'People don't want iPhones this cycle' (video)

Bernstein’s top Apple analyst says the next cycle won’t start before late 2020.

Found in the CNBC archives from May 1. Missed it the first time around.

From Sacconaghi, defending his underwater valuation:

I don’t want to detract any credit from what Apple has done with the services business. They’ve built a $40-plus billion dollar business that’s growing in the mid-teens, which is a real testament to execution and their vision for what this business can be. That said, if your profits are down 16% you have a business that’s intrinsically cyclical.

Cyclically, people are saying, this is not a phone at this price that we want this cycle.

Maintains Market Perform rating and $190 price target.

My take: Toni Sacconaghi can argue it round or flat.