According to research broker KeyBanc Capital Markets, the iPhone 7 is currently outselling the iPhone 8. The iPhone 8, released on September 22 of this year, was scheduled to come out just before the debut of Apple Inc’s (NASDAQ:$AAPL) new iPhone X, which was recently pushed back to a release date somewhere in early November.

This trend marks a shirking of traditional patterns for iPhone products. Earlier releases were met with massive sales, but consumers seem to be a little more hesitant this time around.

KeyBanc analyst John Vinh wrote in a client note, “Many respondents indicated that a meaningful portion of customers are buying iPhone 7s in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone.”

According to Vinh, feedback from the stores also indicated that many consumers were waiting for the November launch of iPhone X before they upgraded.

The iPhone 8 and iPhone 8 Plus were remarkably similar to the previous model. The only notable feature added was the glass back for wireless charging. A recent price cut also saw the iPhone 7 retailing for $549, whereas the iPhone 8 hit stores with a much more expensive $699 price tag.

The iPhone X, which includes an edge-to-edge display, is planned to start shipping on November 3rd. The new iPhone will mark the 10th anniversary of the iPhone, and will retail for the hefty price of $999. This is Apple’s most expensive mobile product to date.

Jason Ware, Chief Investment Officer of Albion Financial Group, played down concerns about the dipping sales, “Worrying about any small downtick in margins from the sale of the iPhone 7 or 8 is a wrong-headed way to look at it as iPhone X is really the flagship device where we’re going to see a strong upgrade cycle.”

Vinh also cited the iPhone 8’s smaller-than-expected promotion in the U.S.

Vinh wrote, “While carriers continue to offer promotions for the new iPhone 8, they have been much more modest compared to the iPhone 7 launch last year.”

The company’s shares were up to $159.36 during mid-day trading. KeyBanc analyst Andy Hargreaves gave the stock a rating of ‘Overweight’ and set a $187 target price.

Featured Image: depositphotos/mingman