The iPhone 12 looks like a monster hit for Apple, a new note to investors by research analysis firm Cowen suggests. The firm estimates that iPhone orders climbed 50% year-over-year last quarter, propelled by the enormously popular iPhone 12 and iPhone 12 Pro models.

For the March 2021 quarter, Cowen thinks Apple will build 57 million iPhones. That’s up from the firm’s own previous prediction of 55 million.

Interest in Apple’s latest handsets is nearing an all-time low in the United States. A survey among customers with three of the largest carriers reveals the number of iPhone owners who plan to upgrade to a new iPhone is down more than seven percent.

The iPhone 7 probably won’t be enough to reverse Apple’s declining sales slump when it reports earnings tomorrow. But analysts say Apple is sitting on a “powder keg of dramatically aging” iPhones that could lead to a super-cycle of upgrades in 2017.