FORTUNE — “While we had expected to hear optimism around Apple’s forthcoming product refreshes in this round of checks, we were surprised at the skepticism at many points in the supply chain.”
So begins the latest sour note to clients from Citi’s Glen Yeung, who has been down on Apple (AAPL) since he took over last year for Richard Gardner, Citi’s veteran Apple watcher. The one bright spot Yeung sees in Apple’s future is a product that doesn’t exist.
Most Apple suppliers, he writes, in analyst telegraphese…
For what it’s worth, when we scored the accuracy of analysts’ forecasts last quarter, Yeung’s Apple estimates put him in second-to-last place, 61 out of 62.