Previously, HSBC had already reduced its targets for Apple’s stock and switched its recommendation from Buy to Hold. But in light of recent developments – the Cupertino giant severely lowered its Q4 2018 revenue guidance last week – HSBC analysts are now reducing their price target for the company’s stock even further.

Despite anticipating certain “challenges for Apple” in China due to the local economy, the Cupertino giant appears to have faced a number of Apple-specific problems. Namely, it seems the way Chinese consumers view the iPhone has begun "shifting" dramatically. Alongside ...