UBS: There is no such thing as an iPhone X 'supercycle' (AAPL)

The iPhone X was expected to drive a wave of customers to upgrade their phones, but it looks like that might not happen.
Apple seems to have hit a ceiling for its US market penetration.
The company will now have to focus on milking more money from its current iPhone owners and growing its international market share.
Watch Apple's stock price move in real time here.Before its release, analysts speculated that the iPhone X would drive a "supercycle" of phone upgrades. For about three years,