Apple Inc. investors have suffered through a 21% decline in shares over the last year, and they might not get a reprieve until at least the end of 2016.

On Friday, Raymond James analyst Tavis McCourt became the latest on Wall Street to lower earnings estimates on Apple AAPL, -3.17% , ahead of its quarterly earnings report later this month. Earlier this week, Citigroup also lowered estimates, citing weaker-than-expected demand tied to longer replacement cycles.

“We believe institutional investors are increasingly pessimistic as to Apple’s near-term financial performance,” said McCourt.

The recent negative issues affecting earnings per share, such as longer upgrade cycles, have pushed the FactSet EPS consensus figure down by a penny in recent weeks. Sour expectations may lead to a new, lower trading range for the shares, said McCourt. Gross margin may also be impacted for a few quarters, he said.

Apple’s shares may finally catch a break after the launch of the iPhone 7, though.

There are more long-term investors than what are often more volatile short-term investors holding Apple now than in the recent past, McCourt said. That could be an indication that short-term investors are waiting until after the iPhone 7 launch to rebuild their positions, in hopes of riding the iPhone 7 cycle, and the lead-up to the iPhone 8.

Last year, Apple’s shares fell four out of six days leading up to its major September hardware event, during which it launched the iPhone 6S. In the prior year, ahead of the iPhone 6 launch, they fell three of four days heading into the event. But several analysts have said they expect the iPhone 8, which is expected to be revealed with significant hardware upgrades in September 2017, will be a bigger hit than this year’s iPhone 7. Reflecting that sentiment, Raymond James raised its iPhone unit estimate for fiscal-year 2017 on Friday, to 231 million units from 216 million units previously.

“We expect next year’s iPhone to garner significantly more upgrade sales than the iPhone 7,” he said.

Raymond James reiterated a market perform rating on the stock Friday, saying it remains “very inexpensive” compared with competitors.

Despite negative sentiment from investors and expectations that this fiscal year will see Apple’s first-ever year-over-year decline in iPhone sales, the average rating on the stock is equivalent to a buy. The median 12-month price target is $122.18, implying 27% growth from Thursday’s closing price, according to a poll of roughly 40 analysts surveyed by FactSet.