Apple Inc. AAPL 0.74% shareholders have gotten a lot of conflicting news about the market reception for the iPhone 7 and its potential impact on Apple stock. The latest news from Barclays paints a somewhat bleak picture.

Barclays analyst Mark Moskowitz has removed Apple’s Top Pick designation in the face of a softening global smartphone market. Barclays is now calling for global smartphone revenue and unit growth of -2.9 percent and +2.6 percent in 2016.

“Despite new products from both Samsung and Apple, our research is not indicating any major improvement in smartphone units beyond initial channel fill for the respective product launches,” Moskowitz explains.

Barclays is concerned that the iPhone 7 will see declining sales demand in coming months similar to the decline the iPhone 6S experienced last year.

The good news for Apple investors is that, despite cuts to iPhone estimates, Barclays has raised its expectations for Apple’s Mac and iPad segments.

For now, Moskowitz expects more near-term choppiness for Apple shares. He expects…

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