FORTUNE — Topeka’s Brian White, who tracks the performance of a collection of Taiwanese electronics suppliers as a “barometer” of Apple’s (AAPL) future performance, shared some bad news with his clients Monday morning.
With only one company in his “Apple Monitor” not yet reporting, sales among these suppliers were down 13% month over month in June, compared with an average 1% increase over the past seven Junes.
For the June quarter, sales among these suppliers were down 8% sequentially, well below the 8% uptick in the same quarter over the past five years but still above the guidance Apple offered in April, which according to White called for a 13% decline.
White is nonetheless sticking with his $1,111 price target for Apple — one of the highest we’ve seen. He points out that some of the decline among Apple’s suppliers may be due to the weakness of their other customers’ sales, not Apple’s. And he concludes on a positive note: