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.