Apple could double down on China market – analyst

Apple could double down on the China smartphone market amid declining iPhone sales and increasing competition in the country, Wedbush Securities’ analyst Daniel Ives says.
Sheila Chiang for CNBC:
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Apple needs to overcome its China challenges including a tough macro environment and competition from Huawei before the iPhone 16 release and “it all starts with reaffirming Apple’s presence in China,” Wedbush said.
China’s Minister of Commerce Wang Wentao met Apple CEO Tim Cook on Friday and said his country holds opportunities for Apple as well as other companies, and asked the iPhone maker to keep building its business in China for “shared development,” according to a press statement.
Cook said China was a crucial supply chain partner for Apple and the company plans to increase investment in the country in the long term, the statement said…
Cook’s latest trip to China, which Wedbush said is “a sign Apple could double down” on China, comes amid reports of iPhone sales in China plunging 24% in the first six weeks of 2024… “The timing of this trip was important as in essence Apple needs China and China needs Apple despite all the noise,” Wedbush said.

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MacDailyNews Take: </strongIves maintained Wedbush’s “outperform” rating with a $250 price target on Apple stock.
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