"Analyst Warns of iPhone Sales Weakness as Apple Stock Faces Tough Quarter"

A Wall Street investment firm has reduced its price target on Apple stock due to decreased iPhone orders and demand weakness, particularly in China. The firm predicts a decline in Apple's overall revenue and earnings per share in 2024, marking the first such decline since 2016. Factors contributing to this include soft iPhone shipments, flattening average selling prices, and competition from domestic brands in China. Apple stock has fallen more than 11% year to date, with potential positive catalysts including developments in artificial intelligence and the Vision Pro headset. Additionally, supply chain checks indicate that Apple has significantly reduced its iPhone builds for 2024.