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Apple CEO Tim Cook attends the China Development Forum 2017 – Economic Summit at Diaoyutai State Guesthouse on March 18, 2017 in Beijing, China.
VCG | Getty Images
Citi lowered its forecast of Apple's profits, as the US-China trade war will weigh more heavily on iPhone sales in the second half of the year.
"The trade situation between the United States and China will result in a slowing down of Apple's iPhone demand in China, as Chinese residents prefer to buy their domestic brands," said Citi.
Citi added that, according to his research, Chinese consumers view the iPhone as an ever less attractive brand image.
"China accounts for 18% of Apple's sales, which we believe could be cut in half," said Citi.
Citi lowered its price target for Apple to $ 205 per share, instead of $ 220 per share. Apple's shares remained unchanged in pre-market trading since Friday's close at $ 178.97 per share.
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