Apple’s stock just ended its nine-day winning streak.
Now that the dust has settled, the focus has returned to Apple’s flagship product, the iPhone. While the tech giant has suffered from slowing demand for the smartphone, it still holds a leading position in the market, analysts said.
“After a turbulent few months, calm is being restored,” Wedbush tech analyst Daniel Ives said in a note on Tuesday. “With some recent price cuts demand trends are slowly turning around in this all-important region [China] for Cupertino.” Apple is headquartered in Cupertino, California.
Apple has slashed iPhone prices by 6% in China after the company posted lower-than-expected revenue for its fiscal first quarter in the region.
A recent survey of 8,000 teens by Piper Jaffray shows Apple’s place as the dominant device brand among teens “remains well intact,” analyst Michael Olson said in a note to investors Monday. The analyst reiterated his overweight rating on Apple shares with a $201 price target.
Shares of Apple fell 0.3% to $199.5 on Tuesday. The stock is up more than 26% in 2019, with its market cap climbing to $943.5 billion as of Tuesday.