Jinwu Financial News | Apple concept stocks fell collectively. Gaowei Electronics (01415) fell 5.56%, BYD Electronics (00285) fell 4.09%, Shunyu Optical Technology (02382) fell 3.85%, Qiu Titanium Technology (01478) fell 2.67%, Tongda Group (00698) fell 2.56%, and Ruisheng Technology (02018) dropped 1.73%.
Earlier, Citi said that based on supply chain surveys and market data so far this season, it updated its forecast model for Apple (AAPL) and lowered the Group's sales forecast for China by about 400,000 units until the end of March. The year-on-year decline widened from the original estimate of 17% to a drop of 21%, mainly reflecting continued weakness in consumer confidence and the rise of a culture of using domestic products.
The bank lowered Apple's target price from 225 US dollars to 220 US dollars, and the rating remains “buy”. The latest forecast is that the group's iPhone sales will remain flat this year. It is expected that the stock will continue to be under pressure during the World Developers Conference (WWDC) in June, while AI (artificial intelligence) catalysts are expected to drive up demand for related smartphones next year.