JPMorgan iPhone Supplier Tracker decelerated further in December
JPMorgan analyst Samik Chatterjee says his firm's iPhone Supplier Tracker decelerated further in December, and marked the first year-over-year decline since November 2016. Aggregate revenues for the suppliers in the tracker declined by 4% year-over-year in December versus up 9% in November and up 17% in October. Quarterly supplier revenue trends decelerated as well in Q4 and points to continued iPhone revenue decline in Q1, Chatterjee tells investors in a research note. Further, he believes 2019 iPhone models are unlikely to involve major upgrades. However, a refresh in 2020 could drive Apple's virtual reality leadership, Chatterjee adds. He has an Overweight rating on the shares with a $228 price target.