Apple iPhone demand stabilizing in China, says Citi

Citi maintained estimates for Apple based on quarter-to-date supply chain and third party data points. The data show iPhone demand stabilization in China and continued double digit services growth, the analyst tells investors in a research note. The firm says iPhone demand in China is still the top investor’s concern during the quarter. Recent third-party data suggests iPhone demand is stabilizing in China, according to Citi. The firm’s Asia supply chain checks also point to stabilizing demand. In the meantime, Apple put out a more aggressive sales discounts in China ahead of its 618 shopping holiday, which will also boost sales in the quarter, the firm says. It keeps a Buy rating on Apple shares with a $210 price target.