A creditable Apple analyst has whacked about 23 percent off his initial projections for iPhone X shipments, and expects Apple to launch a three-tier iPhone lineup this year.

Apple should move 62 million units of its high-end iPhone X smartphone over its lifetime, down from an earlier estimate of 80 million, Kuo Ming-chi of KGI Securities wrote in a note dated Jan. 18. Kuo expects production to stop sometime this year as Apple rolls out newer versions in the second half.

He expects the new iPhones to be a 6.1in LCD model with a "similar design to the iPhone X", a sequel to last year's iPhone X and the 6.5in iPhone X Plus.

Apple had been counting on a redesigned 10th anniversary iPhone to boost shipments as its market value advances toward $1 trillion. But smartphone sales in China have shrunk as the market got saturated. Customers seemed to be opting for cheaper models of the $999 iPhone.