Between now and the end of 2018, Apple sales could enter a “supercycle” driven by a large number of current iPhone owners looking to upgrade, Milunovich told investors in a note on Tuesday. While he didn’t provide an exact sales forecast, he does expect Apple to generate more revenue on services like apps and movie downloads, as the number of iPhone users grows, according to CNBC, which reported on the note.

Apple is rumored to be planning three new iPhones for this year. While the company hasn’t given names for each device, the rumor mill has called them the iPhone 7s, iPhone 7s Plus, and iPhone 8. The iPhone 7s and iPhone 7s Plus are expected to be minor updates over last year’s iPhone 7 and iPhone 7 Plus, delivering better performance and slightly modified designs. The third model, known as the iPhone 8, is expected to come with an all-glass design and a screen technology called organic light-emitting diode (OLED) that offers better color accuracy and crisper images.

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While most analysts and market watchers expect the iPhone 8 to be in high demand, Milunovich suggests it may be hard to buy initially. He noted a string of recent rumors that suggest the device may not be released until November. Apple typically releases its new iPhones in September each year.

Regardless, the delay will do little, if anything, to slow Apple’s business, the analyst said.

Milunovich has reiterated his buy rating on Apple’s stock and set a price target of $170. The stock (AAPL) is currently trading at $153.31.