Apple smartphone sales in China fell by 19.1% in Q1 of 2024, while sales of its Chinese competitor Huawei grew by 69%, indicating a growing threat to the U.S. company’s dominance of the smartphone sector around the world.
Bank of America chose Apple as the best stock to buy on its 2024 list, due to optimism about the iPhone maker's upcoming results, as well as its long-term prospects.
Apple's Q2 results are scheduled to be released next week, and Bank of America views the outlook largely positive, with "services revenue growth and profit margins remaining strong." However, it warned that "the demand environment is weak and lower guidance for the fiscal quarter may weigh on the stock's decline."
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