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Apple Cuts iPhone Production Orders Due to Weakened Demand: Report

Apple has cut as much as 10 percent of its component orders in a sign that sales of the latest iPhones are slowing, at least in the short term, Credit Suisse said Tuesday.

"The cuts seem to be driven by weak demand for the new iPhone 6S, as overall builds are now estimated to be below 80 million units for the December quarter and between 55-60 million units for the March quarter," the Swiss bank said Tuesday.

Credit Suisse also lowered its iPhone estimates for 2016 to 222 million from 242 million. It estimated a 6 percent year-over-year growth rate in 2017. "We believe such adjustments reflect a more subdued launch around the iPhone 6S/6S Plus in terms of uptake."

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However, the bank is not recommending investors sell the stock, but rather "buy any dips."

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"While we acknowledge that shares may remain range bound for the next few quarters (between $100 and $130), we continue to believe any weakness creates an attractive entry point. Specifically, we see scope for Apple's rapid installed base growth of iPhone to drive future upgrades beyond the next few quarters and additionally see the installment plans structurally accelerating the upgrade rates of iPhone users," the bank said.

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Apple did not immediately return a request for comment from NBC News.