"In addition to weakness in demand for Apple's products in China and other emerging markets, it also looks like the balance of price and features in the iPhone XR may not have been well received by users outside of the USA".
Shares of Apple suppliers were also hit, with Lumentum Holdings Inc, Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc down between 2% and 7%.
According to the report, "Lower-than-expected demand for Apple Inc.'s new iPhones and the company's decision to offer more models have created turmoil along its supply chain and made it harder to predict the number of components and handsets it needs, people familiar with the situation say".
Apple's suppliers have for days been sounding warnings about iPhone demand.
According to CNN Money, the 33 analysts, offering 12-month forecasts regarding Apple Inc's stock price, have a median target of $240.00, with a high estimate of $310.00 and a low estimate of $165.00.
In the bearish note, Rod Hall and his analyst team said that it seemed as if Apple "miscalculated on the price/feature balance" for the new iPhone XR and that Apple's less-expensive premium phone might have missed the mark. The last quarter of the year is often the best performing quarter for Apple with more than 70 million units sold. That increase came thanks to the higher prices now charged for new iPhones. Apple's CFO Luca Maestri said during the company's Q4 earnings call that it would stop reporting these kinds of unit sales in the future.