Mirabaud Securities analyst Neil Campling said Apple’s high-end cellphone “is too expensive” during a CNBC interview on Friday. He added consumers are increasingly buying cheaper products, leaving the $999 iPhone X on store shelves. He expects Apple to discontinue iPhone X production and sell off the remaining units in its supply chain before new Apple cellphones are unveiled later this year.

Campling’s comments come after he wrote in a note to investors this week that “the iPhone X is dead.” He added iPhone inventory at Apple supplier Taiwan Semiconductor is “at record highs” and the tech giant will need to “burn off inventory.”

The tale of poor iPhone X demand and a need for Apple to “discontinue” its latest cellphone has been told for the last several months. But gauging the accuracy on iPhone X demand can be difficult. Apple is notoriously secretive about specific iPhone model sales and hasn’t revealed details on how many iPhone X units the company has sold to date. So, while it’s possible the iPhone X is in trouble, Apple isn’t confirming that’s the case.

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It’s also worth noting that at least in some metrics, the iPhone X is doing well. Earlier this week, in fact, a report found the iPhone X was the most profitable smartphone for sale during the fourth quarter. It topped all other iPhones, as well as Android-based handsets, by capturing 35% of the market’s profits during the period.

While Campling argues Apple will need to “discontinue” the iPhone X, that doesn’t mean that Apple will stop selling the cellphone. Instead, if Apple is indeed dealing with lower-than-expected demand, it would likely cut production or stop production altogether and sell whatever is left until it releases new iPhones later this year.

Apple did not immediately respond to a Fortune request for comment.