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Courtesy of Apple
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Apple's shares are likely to fall due to the deterioration of iPhone shipments in the second half of 2019, according to Rosenblatt Securities.
The story back.
Apple
shares (ticker: AAPL) grew about 30% this year, as investor sentiment towards its strategic shift to services improved. Last month, the company unveiled a range of new pay-per-view services such as Apple TV + (video), Apple Arcade (games) and Apple News + (news and magazines).
What's up. Rosenblatt Securities analyst Jun Zhang Monday reaffirmed its neutral rating for Apple shares, anticipating a drop in iPhone shipments by the end of the year.
"We think the risks to society will be mainly in the second half of this calendar year," he wrote.
Apple's share rose 0.3% to $ 204.97 on Monday.
The analyst expects Apple's iPhone to lose market share in China and Europe. He estimates that new iPhone production will fall by 5% to 10% from one year to the next in the second half of 2019. Zhang also predicts that total iPhone shipments will fall over the same period .
The company did not immediately respond to a request for comment. It will release its second quarter results on April 30.
Look forward. Zhang has a price target of $ 150 for Apple stock, which is 27% lower than its current price.
Write to Tae Kim at [email protected]
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