“Our recent visits in Asia strongly felt that China's smartphone market demand is weak, especially in the high-end sector. Most mobile phone manufacturers have cut orders for high-end mobile phones that are issued to suppliers,” Hubert said.
Apple shares fell 0.7% in pre-market trading on Friday. Apple's current share price has fallen 25% from its recent peak and is stable in the bear market. According to Wall Street's definition, if a stock falls more than 20% from its 52-week high, it indicates that the stock has slipped into the bear market.
Prior to this, investment banks such as Goldman Sachs, UBS, and HSBC have all declined their target price.