“Citi has cut its forecast for Apple’s earnings, saying the U.S. trade war with China will further hurt iPhone sales in the second half of the year,” Michael Sheetz reports for CNBC.
“‘The US/China trade situation will result in a slowdown of Apple iPhone demand in China as China residents shift their purchasing preference to China national brands,’ Citi said,” Sheetz reports. “‘China represents 18% of Apple sales which we believe could be cut in half,’ Citi said.”
Sheetz reports, “Citi lowered its price target for Apple to $205 a share from $220 a share.”
Read more in the full article here.
MacDailyNews Take: “Could” be cut in half. Or not.
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“‘Could’ be cut in half. Or not.”
Where’s the MDN wishful thinking now? Resorting to a quibble over whether Apple will lose half of its sales to China, or a little less? Wonderful analysis.
Apple is in serious trouble in China, and will be for quite a while until: 1) it diversifies manufacturing elsewhere; and 2) it quits relying on China as a source of growth while Trump wages his
reelection battletrade war on the Chinese.