03:22 PM EDT, 04/01/2024 (MT Newswires) -- Apple's ( AAPL ) iPhone global sell-through dropped almost 4% to 17.4 million in February from 18.1 million a year earlier on "material softness" in the US and China, UBS Securities said in a report dated Sunday, citing Counterpoint Research.

Weak carrier upgrade rates and a strong performance by Samsung's S24 series spurred a 9% drop in US iPhone sell-through in February, putting the market share for the Apple ( AAPL ) product around 48%, the report said.

Robust sell-through by local brands in China led to a 16% decline in February for the iPhone, which had a 15% market share in the country, the report said.

Sell-through for iPhones in February rose 24% in Europe and fell 13% in India, UBS said.

"Without significant growth in India, global iPhone sell-through is unlikely to grow given softness in the US and China," UBS said.

UBS reiterated its neutral rating on Apple's ( AAPL ) stock and kept the price target at $190.

Price: 170.00, Change: -1.48, Percent Change: -0.87