Some of the key takeaways from the report: -Phone shipments to impress again; Watch remains a wildcard -More iPhone upside, but peaking market share levels are waning -Apple's market outperformance is unsustainable -Overall smartphone market is slowing In the note, Ms. Scribner goes on to say: "We expect growth rates for iPhone to continue to moderate. New iPhone sales help drive outperformance versus the market, but after you acquire a customer, your sales are based on how often customers refresh their phones. In general, this refresh cycle is 2-2.5 years for smartphones." "Apple has traded at an average forward P/E of 13x since 2010 with a range of 9x to 20x. We believe shares should trade in line with historical multiples and, because of its large market cap (3-4% of the S&P 500), should trade at a modest discount to the market. Our price target is based on shares trading at 13x our FY-16E EPS."