Rosenblatt says Apple (AAPL -2.3%) is seeing "weak" pre-orders for the iPhone 11 family, citing conversations with retailers.
Analyst Jun Zhang says "there is no wait time today for the iPhone 11 Pro and Max" in the United States, suggesting that initial sales could be 20-30% lower than last year's iPhone XS and Max sales.
Demand in China might also be low as companies focus on 5G models, says Zhang. On JD.com, iPhone 11 pre-orders are about 500K compared to 900K for the iPhone XR last year.
Rosenblatt maintains a Sell rating on Apple and a Street-low $150 target. Apple has an Outperform average Sell Side rating.
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