A survey from financial services company UBS found “muted” consumer purchase intent for the iPhone X, reviving questions about whether the device will meet sales expectations.

The UBS finding, reported by CNBC, comes despite comments from T-Mobile US indicating “great” demand for the device and Apple’s prediction the holiday period will be its “biggest quarter ever”.

Strategy Analytics’ Ken Hyers told Mobile World Live (MWL) a dip in enthusiasm after launch is to be expected, especially in a device with such a high price point. The real question, he added, will be how the device performs in Q1 2018. While Hyers noted he is “satisfied” with current iPhone X demand, he said he is “less sanguine” about the phone’s prospects heading into the new year.

“What I am paying attention to is 2018 – will the iPhone X continue to be a strong contributor to volumes in Q1 2018 and 1H 2018 or will a new generation Samsung Galaxy S9 flagship, combined with the typical Q2 iPhone sales volume slump have a significant impact on the iPhone X?”

T-Mobile CFO Braxton Carter recently reported the operator expects iPhone X demand to spill over into Q1 due to limited supply of the device.

But supply is ramping. Late last week 9to5Mac shared a research note from KGI Securities analyst Ming-Chi Kuo indicating production improvements have drastically increased the number of iPhone X units rolling off assembly lines.

Even with enough supply to go around, Hyers told MWL the iPhone X might end up with a shorter runway than previous iPhone models due to its late debut and upcoming device launches.

“My gut feel is that the iPhone X will struggle compared to the iPhone 8 series from the end of Q1 2018 and in Q2 2018 as customers look to the next generation of iPhone models.”