Following news that there were 146,000 iPhone activations in the first 36 hours of sale, analysts are showing disappointment, and are changing their forecasts. relates that analyst Gene Munster from Piper Jaffray & Co. downgraded his prediction of units sold during the first few days from 500,000 to 200,000, calling AT&T's activation results "disappointing." However, he does not change his view that the iPhone will help propel Apple's growth, and maintains an "outperform" rating on Apple's stock.

In addition, CIBC World Markets indicates their data is showing demand for the iPhone is declining, suggesting that Apple may try to spur sales by increasing marketing efforts.

"We have noticed decent inventories at stores, and thin demand at best," analyst Ittai Kidron wrote in a note. "Among the stores we visited, most visitors were not looking at the device, and only a very small subset bought it."

Apple's stock was down 5% as of this writing, sitting at $136.38.

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