{"id":9342,"date":"2023-11-03T23:10:48","date_gmt":"2023-11-03T23:10:48","guid":{"rendered":"https:\/\/infundpros.com\/markets\/apple-stock-is-struggling-why-china-is-the-biggest-negative\/"},"modified":"2023-11-03T23:10:49","modified_gmt":"2023-11-03T23:10:49","slug":"apple-stock-is-struggling-why-china-is-the-biggest-negative","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9342","title":{"rendered":"Apple Stock Is Struggling. Why China Is the \u2018Biggest Negative.\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000790610\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Apple<br \/>\n      \u00a0can\u2019t shake its China problem. A disappointing forecast for the holiday season has put its fortunes in the Chinese market back under the microscope. <\/p>\n<p>\n        Apple<br \/>\n       (ticker: AAPL) was down 1.5% Friday at $174.91 after its quarterly earnings and guidance.\u00a0\u00a0<\/p>\n<p>China emerged as the main concern from the report with a revenue drop in the region reinforcing concerns about the effects of the country\u2019s slow economic recovery and increasing competition from domestic companies. <\/p>\n<div class=\"paywall\">\n<p>Apple\u2019s September-quarter revenue in China dropped 2.5% to $15.1 billion. That represented its lowest sales in the region since the middle of 2022 and 17% of the company\u2019s overall revenue.\u00a0<\/p>\n<p>Despite the decline, Apple actually set a quarterly record for iPhone revenue from the Chinese mainland and its quarterly revenue from Greater China grew in constant currencies. CEO Tim Cook told analysts on an earnings call that it was Apple\u2019s Mac personal computers and iPad tablets that dragged down its performance in the country.\u00a0\u00a0\u00a0<\/p>\n<p>That was enough to satisfy some of the bulls on the stock. Wedbush\u2019s Daniel Ives kept an Outperform rating and a $240 target price on the stock.\u00a0<\/p>\n<p>\u201cThe \u2018iPhone China demise narrative\u2019 was a great fictional story by the bears, which is far from the reality as underlying mainland China growth remains strong and a key asset for the core iPhone franchise,\u201d Ives wrote in a research note.\u00a0<\/p>\n<p>Counterpoint Research estimated that the overall smartphone market in China fell 3% in the third quarter, meaning Apple outperformed the wider market. The research firm said the iPhone 15 series underperformed in China in the launch quarter due to a shorter pre-holiday shopping period coupled with supply mismatches on the Pro Max model, but it could improve in the final quarter of the year. <\/p>\n<p>With only one week\u2019s worth of iPhone 15 sales in the September-quarter results, some analysts are concerned about the threat posed by Huawei\u2019s Mate 60 Pro smartphone and a sluggish Chinese economic recovery overall.\u00a0\u00a0\u00a0<\/p>\n<p>\u201cWe believe the biggest negative from the results was the 2% year-on-year decline in China, worse than we expected, as we look for greater clarity about Apple\u2019s outlook for the region in the December quarter, given concerns about increasing competitive pressures,\u201d wrote CFRA analyst Angelo Zino.\u00a0<\/p>\n<p>Zino lowered his target price on Apple stock to $210 from $220 but kept a Buy rating. <\/p>\n<p>Concerns about Apple\u2019s outlook in China were intensified by the company\u2019s guidance for flat sales in the December quarter from the same period a year earlier. <\/p>\n<p>\u201cWhile cognizant of the fact that there is one fewer week in the December quarter than last year, we view management\u2019s flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past,\u201d D.A. Davidson analyst Tom Forte wrote. <\/p>\n<p>Forte said Apple still faces geopolitical risks in China and overdependence on the country in its supply chain. <\/p>\n<p>Forte lowered his target price on Apple to $166 from $180 and kept a Neutral rating on the stock. <\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/apple-stock-china-sales-iphone-37fbab40?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apple \u00a0can\u2019t shake its China problem. A disappointing forecast for the holiday season has put its fortunes in the Chinese market back&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-9342","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apple Stock Is Struggling. Why China Is the \u2018Biggest Negative.\u2019 | inFundPros<\/title>\n<meta name=\"description\" content=\"Apple \u00a0can\u2019t shake its China problem. 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