Evercore ISI notes CAICT data suggests multinational company, or MNC, shipments from China, a proxy for Apple shipments, fell 12.9% year-over-year in August, but adds that iPhone shipment data is “extremely lumpy,” and calls this result “not particularly surprising” after 34% shipment growth in the June-end quarter. The firm, which continues to think China risk is “overstated by bears” and contends that any China share losses can be offset by growth in developing markets, maintains an Outperform rating and $250 price target on Apple shares.
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