NEW YORK (TheStreet) -- Apple (AAPL) - Get Apple Inc. (AAPL) Report stock is lower by 2.93% to $93.83 in afternoon trading on Wednesday, after a UBS survey of Apple customers revealed that sales of newer iPhone models have slowed.
During the December quarter, sales of Apple's iPhone 6s and iPhone 6s Plus models contributed to 67% of total iPhone sales, down year-over-year from 75% of sales by last year's newest models, according to the firm, Barron's reports.
"There has been concern that consumers are less enthusiastic about the feature and performance gains with the latest iPhone 6s/6s+ models," UBS continued. "Indeed, more consumers appear to be opting for last year's iPhone 6 models that are priced $100 lower."
The firm maintained its sales estimates for the December quarter, and expects March-quarter sales to be 50 million, falling short of the consensus estimate for 55 million, Barron's adds. These March-quarter unit sales would result in total sales of $53.2 billion, missing the consensus $55.95 billion.
Apple is scheduled to report fiscal 2016 first quarter financial results after the market close on Tuesday.
This morning, TheStreet's Jim Cramer warned on CNBC's Squawk on the Street that despite Apple's dividend and large cash position, a short-term earnings miss could send shares tumbling.
Separately, TheStreet Ratings team rates Apple as a "buy" with a ratings score of A-.
Apple's strengths include its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, notable return on equity and expanding profit margins. These strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: AAPL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.