"There's some data points out there that are collecting that show that this iPhone 7 may not resonate with consumers the way that investors are hoping it will," Gillis said. One such data point is recent research about China, where Apple's smartphone growth dipped nearly 32 percent over the past year, according to IDC. That put Apple in fifth place in terms of market share, by IDC's estimate, as local vendors saw growth explode. That's a concern in a slowing overall smartphone marketplace, Gillis said.