Analyst Jeff Kvaal says steady Apple (NASDAQ: AAPL) iPhone demand means his Q3 and Q4 estimates for unit sales (41 million and 47 million respectively) are achievable. He expects US carriers to be aggressive with iPhone 8 promotions noting AT&T (NYSE: T) and Verizon (NYSE: VZ) are "likely to embrace promotion to defend their bases. Verizon, of course, has shown its willingness to do so very clearly over the past year."

As for what to expect from the new cycle, Kvaal expects the new phones to come with 3D sensing, Dual Cameras, force touch and haptics, AR Kit and Core ML (a programming framework to enable developers to integrate trained machine learning in apps).

The firm maintained a Buy rating and $165 price target on AAPL.

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Shares of Apple closed at $143.50 Monday.