Apple shares to struggle over next year on weak iPhone X demand, Instinet says [CNBC]
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Source: CNBC
Apple's iPhone X demand remains soft while the latest look into its services business growth proved good not great, according to Nomura Instinet. Analysis of recent iPhone average selling prices — a key metric offering insight into the generations of iPhones being sold — implied a thinner mix of iPhone X volumes than hoped, analyst Jeffrey Kvaal said in a note to clients Monday. iPhone volumes are not deteriorating though iPhone X remains uninspiring, Kvaal wrote. Apple guidance implied third fiscal-quarter iPhone unit volumes that were better than feared. We do not believe, however, sell through has meaningfully improved. Kvaal, who maintained his neutral rating on shares of the technology company, said part of the problem stems from a decline in the rate of phone upgrades, with the average upgrade rate at the major U.S. telecommunication companies slipping to 5.3 percent in the first quarter of the calendar year. The analyst sees Apple slumping 6 percent from las
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