Science

Wait, Is the iPhone X Expensive?

Wait, Is the iPhone X Expensive?”

"After the first wave of demand has been fulfilled, the market now worries that the high price of the iPhone X may weaken demand in the first quarter", Sinolink Securities analyst Zhang Bin said in a report.

That's according to Sinolink Securities analyst Zhang Bin, who said in a Monday note to clients Apple might sell "only" 35 million iPhones in its first quarter of next year - which would come in almost 12 million devices below Q4 shipments.

"Bad news here is that highly publicized and promoted [iPhone] X did not boost the global demand for iPhone X", JL Warren Capital wrote in a note to investors, according to Bloomberg.

Apple dropped 2.7 percent early Tuesday on speculation that the company would cut its targets for iPhone sales. The Cupertino giant is now valued at $900 billion. The report adds that Foxconn's main iPhone X manufacturing hub in Zhengzhou, China, stopped recruiting workers. This is truer in India and China where customers widely prefer offerings from Vivo, Oppo, Samsung, OnePlus and Xiaomi to name a few. These factors suggest that things are looking too great for the iPhone X, potentially slowing down Apple's aim towards becoming the first trillion dollar company. Finally, Stifel Nicolaus reissued a "reduce" rating and issued a $115.00 price objective on shares of Apple in a research report on Monday, January 23rd. Lens recovered some of the losses on Tuesday, while Largan continued to slide.

The Dow Jones industrial average was little changed at 24,754. Touchscreen maker General Interface Solution Holding Ltd. plunged 8.4 percent Tuesday after slipping slightly Monday.

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Apple didn't immediately respond to CNNMoney's request for comment.

The radically redesigned iPhone X was supposed to give Apple a boost following several years of sinking sales. Vetr upgraded Apple from a "buy" rating to a "strong-buy" rating and set a $173.06 price target for the company in a research note on Friday, September 22nd. Fisher Asset Management LLC now owns 10,888,403 shares of the iPhone maker's stock worth $1,678,121,000 after acquiring an additional 329,794 shares during the period. Apple hasn't said how many iPhone X units it has sold so far, or if sales are meeting expectations.

While iPhone X users seem to be loving their new phones, the uptake of Apple's 2017 crop isn't surpassing the success of the 6 and 6 Plus, it seems.

Apple usually drops prices for older iPhones when a new iPhone arrives.

New features such as facial recognition and virtual reality herald Apple's vision for future smartphones, but other issues such as the lack of augmented-reality apps have cooled buyer buyer interest in those technologies.

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