Tech giant Apple (NASDAQ:AAPL) dipped in trading on Monday after top-rated Jeffries analyst Andrew Uerkwitz expressed concerns about iPhone 15 sales in China. According to the analyst, Apple could see a double-digit drop in iPhone sales compared to the iPhone 14 Pro as a result of Huawei’s Mate 60 Pro release in August.
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Back in September, even Bank of America noted Huawei had a competitive edge with its in-house chip and 5G capabilities that could dent Apple’s iPhone sales in China. According to a Bloomberg report, citing a report from market research firm Counterpoint Research, it is estimated that the company’s iPhone 15 sales fell by 4.5% compared to the iPhone 14 in the first 17 days of release in China. Counterpoint anticipates that it’s likely that Huawei could sell 5 million to 6 million units of the Mate 60 Pro this year and around 10 million next year.
Analyst Uerkwitz has a Buy rating and a price target of $220 on the stock, implying an upside potential of 23% from current levels.
Is Apple a Buy, Sell, or Hold?
Analysts are cautiously optimistic about Apple, with a Moderate Buy consensus rating based on 20 Buys and nine Holds. The average AAPL price target is $207.69, implying an upside potential of 16.1% from current levels.
