It seems like Oppenheimer is next in line to drop Apple down a notch or two. The company revised its price target and recited the same story shared by other analysts. Things in smartphone land aren’t that good, and the rest of the world is starting to take notice. Oppenheimer Co. released its report a couple hours ago, and here are some of the key takeaways:We lower our FY16 and FY17 revenue and EPS estimates from $250.2B/$10.23 and $270.6B/$11.46 to $234.7B/$9.40 and $253.0B/$10.48. The reduction in estimates reflects our lower expectation for iPhone shipments in FY16 and FY17, which are cut down from 246M and 259M units to 224M and 236M, respectively.Our new price target of $120 (from $155) is based on a low- teens multiple on our FY16 EPS estimate of $9.40 plus $27 per share net cash. The company currently trades slightly below its three-year median FY1E P/E of 12.7x; we believe the multiple is justified for its reduced revenue growth outlook (comparing to the past three years). I really respect the opinion of other analysts, however if there was oversupply in Q1’FY16 it seems fairly obvious that sell-through challenges must have occurred during the months of November and December right? So, it seems a little stretched to imagine shipments remained flat to prior-year comps. Furthermore, if Q2’15 is going to be this weak, I think it’s fair to assume shipments will drop off in Q4 as well right? Instead analysts at Oppenheimer anticipate 19.6% sequential growth between Q3’16 and Q4’16 in terms of iPhone revenue. Instead, the demand should weaken between those quarters assuming Apple re-creates the same hype machine towards the second half of 2016 for its upcoming product line (consumers tend to pullback in anticipating of a new iPhone). In other words, everyone is anticipating a magical recovery, but I don’t think anyone on the buy side shares those same views. Again, analysts at banks are fairly conservative in either direction, but they always produce a lot of proprietary insights. I guess it’s up to buy side analysts to model out their own assumptions. And given what I know, the market is leaning towards a range of 10% to 15% decline in annualized sales. Sure, this sounds crazy for a well-established growth stock, but the assumptions backing a jump between Q3’16 and Q4’16 would imply consumers will shrug off the iPhone 7. That seems extremely unlikely as Apple tends to produce the most innovation when transitioning from an S model. Therefore, the sell side community is signaling to the rest of us that a series of misses are likely and I doubt they have any intention of setting even lower expectations for the rest of us. In other words, the next couple earnings conferences sound like the perfect recipe for a bloodbath.