01:05 PM EST, 03/05/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

According to an unconfirmed report by Counterpoint Research, iPhone sales in China fell 24% in the first six weeks of 2024 versus a year ago. Although Huawei appears to be retaking share and iOS switcher rates are clearly slowing, we note the broader smartphone market in China remains anemic (trending -7% in Q1) as consumers are likely holding onto existing devices longer. We think investors need to brace for China revenue to remain down sharply through the rest of the iPhone 15 cycle, but that sets up an easier bar to beat in CY 25. We think the trajectory/resiliency of Services will be key when AAPL reports its Mar-Q results, as the installed base on a broader basis is healthy. Like others, we believe AAPL's WWDC in June will be extremely critical, as investors await GenAI initiatives. Apple ( AAPL ) could potentially look to generate higher AI revenue through subscriptions on the Services side and by putting select on-device AI capabilities on higher-end devices to spur consumers to pay up this fall.