Apple down nearly 12% in the last three months more negative sentiment from Wall Street today as

Loop capital cuts its target on the stock there could be though some positive catalyst

for the tech giant in the next few months Steve Kovacs taking a look at that today on today's tech check.

Hey Steve.

Hey Carl, yeah, Lupe has one of the lowest price targets for Apple and today bringing it down

to 170, it was as high as 185 not that long ago. the rationale here. Well, it's similar headwinds that we've been hearing about for most of the year so far

But the big one in this note predicting an earnings and revenue decline this calendar year

versus a year ago.

Now, Loop says that would be the first time

that's happened since 2016.

Loop also saying that's due to lower smartphone demand

and new competition from Chinese brands like

Huawei and Shao Meam.

And they say competition has brought iPhone shipments back down to pre-COVID levels

at little over four years ago.

Now remember China sales were down 13%

in the December quarter for Apple

and third party data for the March quarter

showing a dramatic drop in China, iPhone sales.

The latest there, UBS analyst yesterday,

estimating iPhone sales were down 16% in China

for the month of February.

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