The trade war between the United States and China could cut Apple's iPhones sales in half, according to a new analyst note from Citi.
"China represents 18% of Apple sales which we believe could be cut in half," the analysts wrote, adding:
We are proactively slashing our iPhone unit sales as we believe the US/China trade situation will result in a slowdown of Apple iPhone demand in China as China residents shift their purchasing preference to China national brands.
It also lowered Apple's share price target to $205 per share from $220. The stock closed Friday at $178.97 per share.
Shares of Apple (AAPL) are slightly lower in premarket trading.