Apple (AAPL) shares opened above $100 yesterday after spending most of the last five trading days prior to that in double digits, but the stock is back under $100 again as analysts continue to defend the iPhone maker and promise a healthier 2016. The biggest issue is signs of weak iPhone demand as a result of reported supply chain cuts. However, analysts are urging investors to look past the soft iPhone 6s cycle and anticipate a stronger iPhone 7 cycle starting later this year.

To Apple from China with love

It seems that since analysts haven’t been able to convince investors to stop worrying about the iPhone build cuts, they’re now attempting to placate them with China sales. It’s true, there are signs that Apple is capturing the massive Asian market in a big way, but that might not be enough to keep investors pleased.

The next big catalyst for Apple shares is the company’s next earnings report, which is scheduled to be released on Jan. 26 after closing bell. That report will finally bring either relief or confirmation of the market’s worries. It will also likely bring guidance for the March quarter, which may be the biggest concern of all.

Concerns about March

In a report dated Jan. 13, FBR & Co. analyst Daniel Ives explained that investors are specifically concerned about iPhone demand for the March and June quarters. On the earnings call later this month, Wall Street will be anxiously waiting to hear what management has to say about China and guidance for the next two quarters. He believes that the iPhone is indeed doing well in China and that sales in the U.S., Europe, the Middle East, and Africa are causing most of the issues.

The analyst explained that the issues of soft iPhone 6s demand, negative headlines from China, and an Apple Watch growth trajectory that is back-end loaded have combined to create the “perfect storm” for Apple. He believes that this combination of problems is causing many investors to dump the iPhone maker’s stock until demand gets better.