09:15 AM EDT, 04/15/2024 (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:

An IDC report cites that AAPL shipments fell 9.6% in Q1 while the broader smartphone market grew 7.8%. The shipment decline for AAPL actually falls in line with our assumptions for the Mar-Q; we believe it largely reflects the tougher landscape in China for the company. The report does highlight unit growth to be most notable from Xiaomi (+34% Y/Y; 14.1% share) and Transsion (+85%; 9.9% share) as well as the resurgence of Huawei - all 3 being China-based vendors. We have previously cited that investors should expect iPhone declines throughout the iPhone 15 cycle, with average selling prices (ASPs) being sustained. We note the weakness sets up an easier bar for AAPL to beat as we enter the iPhone 16 cycle this fall and where investors should place more emphasis, especially as we get more details of AAPL's on-device AI initiatives as the year progresses. We haven't viewed AAPL as an iPhone unit story for quite some time and instead place extra emphasis on Services opportunities, ASP upside, and margin expansion.