Apple pre-order units in China for iPhone 16 down from last year, says Barclays

Barclays says that based on conversations with distributors and analysis of pre-order figures on major Chinese e-commerce sites, early pre-order data from China points to a softer start to the iPhone 16 cycle, with overall pre-order units in China down compared to last year and a lower Pro mix on a year-over-year basis. The analyst, who blames a negative mix shift on weakening consumer spending, macro pressure and competition, has an Underweight rating and $186 price target on Apple shares, which are down $6.66, or 3%, to $215.84 in Monday afternoon trading.