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Citi beats Apple outlook as a trade war is likely to cut China sales in half & # 39;



Apple CEO Tim Cook attends China Development Forum 2017 – Financial Summit at Diaoyutai State Guesthouse on March 18, 2017 in Beijing, China.

VCG | Getty Images

Citi lowers Apple's earnings forecast as the US trade war with China will further damage iPhone sales in the second half.

"The US and China's trading situation will result in a slowdown in the Apple iPhone demand in China, as China's residents are shifting their purchasing preference to Chinese national brands," Citi said.

In addition to the tariffs, Citi said its survey shows Chinese consumers see the iPhone as less and less desirable as a brand image.

"China represents 1

8% of Apple sales, which we think could be cut in half," Citi said.

Citi lowered its Apple price target to $ 205 a share from $ 220 a year. Share. Apple's stock holdings fell 0.4% in pre-market trading from Friday's close to $ 178.97 per share.


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