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Rosenblatt Goes Full Bear On Apple With $150 Target As China iPhone Sales Slump


Rosenblatt Securities analyst Jun Zhang maintained a sell rating on Apple with a price target of $150 per share, citing a decline in iPhone sales in China is leading to a wave of production cuts by the company.

“Based on our recent channel checks, we believe Apple’s total iPhone sales in China were down ~-30% y/y in November,” said Zhang in a note to clients on Tuesday.

Zhang stated that consumers are opting for cheaper models than the iPhone 11 Pro, which retails for around $1,100.

Rosenblatt’s sell rating on Apple has a price target of $150 per share, about -46% difference from the current price on Tuesday morning.

Apple sales, 2017-2020

Apple sales, 2017-2020

- Click to enlarge

It was only last week when Credit Suisse warned about declining iPhone shipments in China:

CS said iPhone shipments in China dropped a shocking 35.4% YoY in November (following a 10.3% YoY drop in October). This compares to a 0.2% increase in the broader regional smartphone market. Additionally, CS reports that total shipments in China are now down 7.4% since the launch of the iPhone 11 line.

Besides Rosenblatt and CS offering their gloomy outlooks on Apple, Maximum Group has a recent selling rating with $190 price target, -32% from current prices; Elazar Advisors’ neutral rating with a $204 price target, -27% from current prices, and Wells Fargo Securities’ equal weight with a $245 price target, a 12% difference from current prices.

Apple Sles Analysts

Apple Sles Analysts

- Click to enlarge


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Tyler Durden
ZeroHedges' Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk's novel that reflected Chuck's experience in the Cacophony Society Quote: "Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off." --> see more about Tyler on snbchf
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