Apple's (NASDAQ:AAPL) iPhone shipments remain challenged, according to analysts at Loop Capital, in a note on Tuesday.
The investment firm reiterated a Hold rating and $170 price target on the iPhone maker's shares in the note. They believe iPhone unit shipments, which represent 50% or more of AAPL revenue, are much closer to their estimates than appreciated.
"AAPL is experiencing improved performance in Services, and is expected to in iPads and Macs in the Jun Q as well," wrote Loop Capital.
Even so, while the firm doesn't see a material change to its go-forward revenue and EPS view, they do see an increase in the September quarter and December quarter iPhone and overall AAPL revenue and EPS.
Loop Capital feels that competition from Huawei and Xiaomi is having a material impact on Apple's iPhone shipments.
As a result, they feel their May 2023 downgrade thesis "still has teeth" despite the stock not being deemed expensive.