Apple's challenges in China have eaten into the technology giant's business for months — and they're not going away, a pair of prominent Wall Street firms said on Monday.
Analysts at JPMorgan and Credit Suisse addressed China's posture in the critical market amid declining iPhone sales and trade tensions with the US, updating their clients on this quarter's trends.
JPMorgan's analysts, for their part, slightly lowered their price target and iPhone shipments outlook, while Credit Suisse said trade uncertainty and "deeper structural issues" would render Apple's stock price rangebound.
The two reports come amid a tangle of macroeconomic and company-specific challenges that has ensnared Apple and injected volatility into its stock price this year.
Slowing global economic growth at a late stage in the business cycle is under a microscope, particularly in the key US and Chinese markets. Meanwhile, the trade war the two nations are locked in has rattled markets and weighed on growth outlooks.
Further, Apple shareholders have been underwhelmed by some of the company's offerings in spaces like streaming as it seeks to diversify away from its flagship iPhone product. Read more