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China Bans iPhones for Government Officials, Clouding iPhone 15 Release

September 6, 2023 by Forex Winner Leave a Comment

The release of the highly anticipated iPhone 15 by Apple has hit a roadblock after China banned the use of iPhones for central government officials at work. This move has raised concerns about the future of Apple and other foreign brands in China. However, analysts at CFRA remain optimistic about the upcoming launch event.

Geopolitical Tensions Affect Apple’s Business in China

China has recently issued an order prohibiting government officials and employees at certain regulators from using iPhones and other foreign-branded devices for work. This decision has the potential to send a signal to Chinese consumers regarding the government’s stance on Apple and other international brands operating in China. The ban comes amidst state-backed media in China lauding a technological breakthrough in Huawei’s latest smartphone, positioning it as a rival to Apple in the Chinese market.

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Limited Influence on Consumer Behavior

Although restrictions imposed by central governments might create concerns, they do not necessarily impact consumer behavior significantly. As an example, last year, the United States Congress banned TikTok on government devices, yet this did not significantly dampen the popularity of the Chinese-owned app among American users.

The iPhone 15 Launch as a Catalyst for Apple Shares

The primary question surrounding Apple is whether the release of the iPhone 15, which is widely expected on September 12, can act as a catalyst for the company’s shares. Analysts at CFRA express optimism about the prospects. They forecast a conservative 5% growth in iPhone revenue during the iPhone 15 cycle, primarily attributed to more favorable year-over-year comparisons, including fewer COVID-related supply constraints and lower overall unit sales during the previous iPhone 14 cycle.

Potential Price Increase for Premium Pro Devices

CFRA’s current forecasts do not include any price increases. However, Angelo Zino of CFRA suggests that Apple could choose to raise the price of its premium Pro devices by $100. Such a decision would result in a 6%-8% upside to CFRA’s iPhone revenue estimates.

Overall, Apple shares experienced a 0.7% decline in pre-market trading on Wednesday. However, the stock has seen a remarkable 46% increase this year through Tuesday’s close.

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Filed Under: Forex News Tagged With: Apple, Ban, China, Geopolitics, iPhone

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