Is Apple spreading itself too thin and getting into the danger zone?

If you ask revered Apple analyst Ming-Chi Kuo of KGI Securities, that may be the case.

In a report to clients Monday, seen by MacRumros, Kuo cast doubt on the iPhone SE 2 rumors, saying Apple may not have enough resources available for the development of that device.

Here’s an excerpt from the report:

The announcement of three new iPhone models in the same quarter in the second half of 2017 was the first time Apple made such a major endeavor. We believe the delay of iPhone X, which had the most complicated design yet, shows that Apple doesn’t have enough resources available for development.

With three new models in the pipeline for the second half of 2018, we believe Apple may have used up its development resources. Also, we think the firm will do all it can to avoid repeating the mistake of a shipment delay for the three new models.

“If there really is a so-called iPhone SE 2 in the pipeline, Kuo expects it’ll have few outward-facing changes,” MacRumors writes. His money is on a faster processor and a lower price rather than on iPhone X-like features such as a nearly fullscreen design, depth mapping, Face ID, any form factor change or even wireless charging.

A recent supply chain report published by DigiTimes has corroborated prior reports that Apple is working on an iPhone SE successor with wireless charging, and no 3D Touch, that should go into production in the second quarter and ship in May or June of 2018.

Kuo has predicted that Apple would phase out iPhone X in favor of three new models: a second-generation OLED phone with a 5.8-inch screen, a Plus-sized OLED device with a 6.5-inch display and an LCD device with iPhone X-like design that would use Japan Display’s “Full Active” panel, a TrueDepth sensor, no Home button and bezels slimmer than iPhone X.