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Apple iPhone sales dropped 30% in China last month, Rosenblatt says after channel checks

Apple iPhone sales dropped 30% in China last month, Rosenblatt says after channel checks

A man uses his mobile phone as he walks past advertising for the new iPhones outside the Apple store in Hong Kong on October 10, 2019.

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.

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