Furthermore, the analyst wrote, “We believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth.”
“Less reward for owning Apple stock”
Moreover, Zhang wrote, “We believe there is less reward for owning Apple stock after the recent stock rebound from stock buybacks and the stable second quarter guidance.”
He maintained a 12-month price target of $150 for AAPL shares, which gained 26 percent this year.
Apple is set to report its latest quarterly financial performance on July 30. The tech giant recently announced the departure of its Chief Design Office Jony Ive.