Tech giant Apple (AAPL) has lowered prices on some iPhone 17 models in China ahead of the country’s 618 shopping festival next month. According to prices shown on Chinese e-commerce platforms like JD.com (JD), Alibaba’s (BABA) Taobao, and others, some iPhone 17 Pro models were cut by 1,000 yuan, or about $138. After trade-in values and other promotions are included, Chinese news outlet Global Times said the iPhone 17 Pro price fell to 6,999 yuan, or roughly $1,031.
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The price cuts also apply to the base iPhone 17, as Apple tries to lock more consumers into its product ecosystem ahead of its AI overhaul. Indeed, Apple is more likely to successfully monetize AI through its hardware base than by creating new frontier AI models. However, Apple is not the only company offering discounts, as phones from Huawei, Xiaomi (XIACF), and other brands have also seen price reductions.
A big part of the discount comes from China’s national trade-in subsidy, which was introduced a couple of years ago. In some cases, the subsidy can lower the price of a new smartphone by 15%, although the discount is capped at 500 yuan. Even with the price cuts, investors did not seem too worried, as Apple shares were up about 1% at the time of writing.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 18 Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $318.75 per share implies 5.5% upside potential.
