UBS analyst Steven Milunovich analyzed smartphone sell-through data from Gartner, which he said showed Apple's iPhone outperformed the market in the U.S., Europe, Japan, and the rest of the world in terms of smartphone market share, but it lost market share in China. All regions showed an improved trajectory except China, led by Hong Kong, which was impacted by the strong dollar. While saying China remains a risk to results, Milunovich maintained his Buy rating and $127 price target on Apple shares, predicting that the stock's discount to the market should narrow from its current level near 25% to closer to its historical average of 20%.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link