Above Avalon:

Not too hot. Not too cold. The iPhone is entering a new era that can best be characterized as status quo. The days of huge growth are over, and fundamentals aren’t likely to improve significantly from current levels. However, underlying dynamics found with the iPhone business will likely prevent sales and revenue from dropping precipitously in the near term. We are in the iPhone’s Goldilocks era.

Typical well thought out analysis. Keep this Goldilocks Era idea in mind over the next few cycles. Apple is going to be just fine with iPhone sales, even if they can’t hit the historic heights of years past.