San Francisco, Mar 7 (IANS): Unlike what Apple had expected, the response to its super premium iPhone X has been lukewarm as many existing users believe that the device is too expensive, a top analyst with asset management firm Piper Jaffray has said.

"According to Apple news site PED3.0, Michael Olson, a senior researcher with Piper Jaffray found that 44 per cent people who didn't upgrade said that they baulked at the idea because their current 'iPhone works fine'," Fortune reported.

More than a third of the respondents said that the iPhone X, which starts at $999, is too expensive. And eight per cent said they would have upgraded if the new phone had a larger screen, the report added.

The survey was conducted on 1,500 iPhone owners on why they have not upgraded to iPhone X yet.

iPhone X did not manage to usher in the largest refresh cycle in iPhone history, as many analysts initially anticipated, according to BGR.

Even though the iPhone X remains the most popular model within the company's iPhone line-up, there have been reports that Apple in recent weeks has reduced iPhone X orders due to lower than anticipated demand.

Ming-Chi Kuo, an analyst with KGI Securities, said last month that the Cupertino-headquartered company would cease production of iPhone X mid-year.

The company is reportedly gearing up to introduce three new iPhones this year and one of them will be more popular than the others, according to Kuo.