Citi Research has joined a growing list of analysts to lower first-quarter production estimates for Apple’s iPhones amid weakening demand for the smartphones.
Citi Research analyst William Yang cut the overall iPhone shipment forecast by 5 million to 45 million for the quarter, reported Reuters. That’s a sting that falls in line with others such as influential TF International Securities Apple analyst Ming-Chi Kuo, who delivered a less than stellar iPhone forecast earlier this month.
It’s Yang’s outlook for the 6.5-inch iPhone XS Max that is particularly gloomy. In a research note to clients, Yang slashed the shipment forecast for the iPhone XS Max by 48 percent for the first quarter of 2019.
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The cut in Citi’s forecasts is driven by the firm’s view that ” 2018 iPhone is entering a destocking phase, which does not bode well for the supply chain,” Yang wrote.
Two weeks ago, Kuo predicted that 2019 iPhone shipments will likely between 5 to 10 percent lower than 2018. He also lowered first quarter shipment forecasts by 20 percent.
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