JPMorgan: iPhone sales to fall 10% this year

Sina Technology News Beijing time on the evening of April 8th, according to foreign media reports, JPMorgan Chase today released an investment research report saying that due to the impact of the new crown virus epidemic, sales of Apple’s iPhone will fall by 10% year-on-year this year.

JPMorgan analyst Samik Chatterjee said in a report that the coronavirus outbreak has affected Apple’s ability to continue operating its retail stores. This year, iPhone sales will drop 10% year over year.

Chatterjee doesn’t expect Apple’s retail stores in markets outside of China to reopen until mid-May. And, even with reopenings, businesses will be far below normal. Chatterjee believes the rise in online sales during retail store closures is unlikely to make up for the lack of brick-and-mortar stores.

To this end, Chatterjee lowered his forecast for iPhone sales in the second quarter to 15 million from the previous 33 million. At the same time, Chatterjee also lowered his profit forecast for Apple.

Although Apple’s profit forecast and target share price have been lowered, Chatterjee still believes that Apple is still in a good position and will perform relatively well among the technology companies he studies.

In addition, Chatterjee believes that two of the four 5G iPhones originally planned to be released this fall may be “moderately delayed by one to two months.”

Today, Chatterjee lowered his price target on Apple to $335 from $350, maintaining an “overweight” rating on the stock.

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