Even as fans all over the world wait with baited breath for the release of the iPhone 7 in just a couple of hours, investors seem underwhelmed with what Apple has in store. Extensive leaks, mockups, and reports from those in the know have left little to the imagination about the iPhone 7 with a clear picture of what to expect.

This year’s iPhone will feature an upgraded camera module, with dual cameras making their debut for the first time in Apple’s lineup, some upgraded internals, better water resistance and some new color options.

There will also be the conspicuous absence of the ubiquitous 3.5mm headphone jack with Apple pushing consumers towards adopting wireless options instead.

All of these changes add up to ‘minor upgrades’ in the eyes of analysts who are disappointed that Apple is breaking away from its alternate year cycle to give it’s a phone a major design refresh. Ever since Apple started to introduce ‘S’ versions of its iPhone, they have upgraded the design with every numerical update.

This year, though, the overall design of the iPhone is going to be much the same, with only the unsightly antennas on the back set to disappear.

The lack of enthusiasm on the part of the analysts comes after Apple has been facing dropping iPhone sales for the last two quarters. There is a change in the amount of time customers are using their phones for before upgrading to newer devices as compared to a few years back.

The simple reason for that is that the phones are now capable enough to remain perfectly usable years after they have been bought. It is the natural maturation of technology.

In  the case of the iPhone, Apple is also fighting against its own success. For years, they have shown record breaking quarters in succession and beaten profit estimates quite comfortably. To show the same amount of growth on such a large user base is always going to be difficult.

The analysts on Wall Street though are ruthless and believe that many of the customers will sit this version of the iPhone out and instead wait for next year when Apple will celebrate the tenth anniversary of its iPhone.

There is already rumors and speculation about that device with talks of edge to edge displays, the end of the home screen button and a completely revamped designs sparking interest among technology blogs. Some influential blogs are actually advising their readers to be patient and buy the next version of the iPhone.

Jan Dawson of Jackdaw research said that with some many people in line to upgrade their phones from the 6 and 6S, Apple could hopefully see single digit gains in the sales, however returning to the heady days of double-digit growth was going to be difficult.

An important allure of having the latest iPhone is to ‘be seen’ as having it. This is why newer colors that distinguish them from older models are always highly sought after. The Piano Black finish is expected to be the rage this year around.

Analysts though are wondering what might have been had Apple unveiled a completely new look for their phones.