Demand for Apple’s iPhone 16 has taken a hit after shoppers rushed to get ahead of potential tariff-induced price increases and as the company’s artificial intelligence features lag behind expectations, according to an analyst at KeyBanc Capital Markets — as noted by Barron’s.
John Vinh wrote in a research note that according to internal data from KeyBanc, June iPhone sales dropped from the previous month and year.
“Our Key First Look Data reflects weaker iPhone sales at -6% y/y, with sell-through below normal seasonal trends (m/m) due to pull ins from tariff-related pricing concerns the last two months and generally weaker iPhone demand,” Vinh wrote. He rates Apple as Sector Weight without a price target.
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