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Apple iPhone sales dropped 30% in China last month, Rosenblatt says after channel checks

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A man uses his mobile phone as he walks past advertising for iPhones outside an Apple store.
Philip Fong | AFP | Getty Images

IPhone sales are shrinking big time in China, causing a wave of production cuts for Apple, according to Rosenblatt Securities.

"Based on our recent channel checks, we believe Apple's total iPhone sales in China were down ~-30% y/y in the month of November," said Rosenblatt Securities research analyst Jun Zhang in a note to clients on Tuesday.

Zhang believes consumers there were buying cheaper models instead of the iPhone 11 PRO.

Apple shares fell slightly in premarket trading Tuesday. Rosenblatt has a sell rating on Apple and a $150 price target, near 50% downside for the stock.

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