Goldman Sachs is sounding the alarm on Apple — demand for new iPhones could be 'deteriorating'
Business Insider
Published Nov 13, 2018 09:17AM ET
Updated Nov 13, 2018 10:00AM ET
- Goldman Sachs (NYSE:GS) became the latest bank to become more bearish on similar conclusions .
JPMorgan (NYSE:JPM) analysts said iPhone unit sales could decline on an annual basis in both 2018 and 2019 due to weak demand in emerging markets. TF International Securities analyst Ming-Chi Kuo cut his forecast for iPhone XR shipments from 100 million to 70 million. Nikkei, a Japanese business newspaper, wrote that Foxconn, which assembles the iPhone XR, had cut as many as 15 production lines for the device.
Apple's stock has slid over 10% since November 1, which is when the company said it would stop disclosing iPhone unit sales. Goldman's report is the latest evidence that analysts are now worried iPhone unit sales are going to start shrinking in the short-term, which is believed to be the reason why Apple decided to stop reporting the key metric. Apple said it preferred to focus on its transition to a services company, with regular recurring revenue.
Goldman gave Apple a neutral rating and downgraded its price target to $209 from $222.
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Written By: Business Insider
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