On Tuesday morning, Apple shares experienced a decline of over 3% in trading following a downgrade by Barclays and a slight adjustment in the price target from $161 to $160.
Long stated, “We have observed ongoing weakness in iPhone volumes and mix, as well as a lack of recovery in Macs, iPads, and wearables.” Concerns about weakened iPhone sales in China were already raised by analysts and investors as early as October. While Bloomberg previously reported that the Chinese government had informally instructed state employees to refrain from using iPhones, the Chinese government has refuted such claims.
Source (CNBC)
