Shares of Apple fell on Thursday after two analysts cut the tech giant's price target on weak iPhone demand going forward.
Intention in buying an iPhone "was down across the board" and most significantly in the U.S. and China, UBS analysts wrote in a note to clients late Wednesday, citing a survey. IPhone buying intent in the U.S. has been dialed back to a five-year low, same as iPhone 6S levels, and interest in China also hit a new low, the UBS survey showed.
In the U.S., only 18 percent of the survey respondents said they planned to buy an iPhone in the next 12 months, down from 21 percent last year, and close to the 17 percent in October 2015 during the iPhone 6S cycle. The purchase intent is 23 percent in China, which is 6 percent lower than last year's figure. The UBS survey interviewed 6,900 consumers across five countries and it was conducted after the new iPhones Xs and Xs Max were launched.