Canaccord Genuity analyst Michael Walkley, conducted an iPhone survey which led him to believe the Apple (NASDAQ: AAPL) and carrier sponsored installment plans will cause a more rapid adoption of existing iPhone users than in prior cycles.

However, the share gains Apple has been experiencing will slow in 2016 leading him to reduce C2016 iPhone unit estimates from 237M to 226M units. The first cut comes in C2Q as estimates drop from 62.1M units to 57.6M units. These changes result in reduced earnings estimates for C’16 from $10.22 to $9.90.

The firm maintained a Buy rating and $160 price target on AAPL.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $113.77 yesterday.