Apple (AAPL) experienced a sharp decline in China iPhone shipments in January, falling 37% year over year to about 2.2M units following a 14% decline in December, reflecting normalization after strong sell-in around the iPhone 17 launch, UBS tells investors in a research note. Total China smartphone shipments were down roughly 16% y/y, with iPhone share dropping to about 11% from around 14% a year earlier, marking the lowest January shipment level since 2019, UBS says. The firm has a Neutral rating and $280 price target on the shares.
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