From a note to clients by analyst Erwan Rambourg snagged by TheFly:
HSBC analyst Erwan Rambourg, who had downgraded Apple shares to Hold from Buy on December 4, said that although he had expected challenges for Apple in China, the intensity has “surprised to the downside.” Given that the China situation remains complex, and patent disputes adds to the headwinds, he lowered his revenue estimates for 2019-21 by 5%-7% and cut his net income estimates by 8%-9%. Meanwhile, the iPhone’s longer replacement cycle may hamper shipments in developed markets, said Rambourg.
Maintains Hold rating, cuts price target to $160 from $200.
My take: Not an analyst I know. Waiting for the note.