According to the most recent Canaccord surveys, Apple Inc. AAPL 2.81% iPhone customers are holding off on buying new devices until the iPhone 7 comes out. The resulting slump in iPhone average sales price (ASP) is the main reason that Canaccord analyst Michael Walkley has dropped his price target for Apple from $130 to $120.

However, the firm remains bullish on the stock.

“Consistent with late stage cycles of iPhone ahead of a new number launch, we anticipate weaker iPhone ASPs during the June and September quarters,” Walkley explains.

While prices may be on the decline, the firm’s surveys indicate overall sales numbers have remained steady.

In the long-term, Walkley believes the iPhone 6 and iPhone 6s has allowed Apple to expand its massive installed base to over 500 million by the end of 2015, which is good news for the company and its shareholders.

“This impressive installed base should drive…

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