Apple’s next iPhones may not arrive until November according to Goldman Sachs note

The report, as shared by Reuters, comes from Goldman Sachs analysts as part of a note that downgrades Apple’s stock to a “sell” rating. The bank predicts that iPhone shipments will drop 36% during the third quarter and that as the coronavirus continues to impact the economy people will choose cheaper Apple devices or hold onto their current phones longer. 

Apple’s new iPhone SE, which has a design similar to the iPhone 8 but with an updated rear camera and processor, starts at $399. The iPhone 11, by comparison, starts at $699. 

Apple traditionally updates its iPhone line early in the fall, with this year’s rumored iPhone 12 expected to feature new designs and support for faster 5G networks. Due to the coronavirus impeding Apple’s final engineering and production, the bank doesn’t expect the new models to arrive until November. 

Rumored issues with the OLED supply of 2016’s iPhone X, the first iPhone without a home button, caused it to be delayed to Nov. 3 marking the first time a major new iPhone was released in November. 

Apple did not immediately respond to a CNET request for comment.