Apple’s iPhone ceded market share in China, Europe in January, says UBS

Apple’s (AAPL) iPhone ceded incremental market share during January in China and Europe, UBS tells investors in a research note. Based on the firm’s analysis of Counterpoint data, global iPhone units were up 3% year over year in January, growing about 200 basis points slower than the overall market as China smartphone growth of almost 18% y/y was the key driver of market growth, the analyst says. The bright spots in January were India, with iPhones up 57% y/y, and “Other” markets that saw iPhone sell-through up almost 18% but were not strong enough to offset pressure in the three largest markets, UBS says. The firm has a Neutral rating and $236 price target on the shares.