Citi cuts first-quarter iPhone production estimates on weak demand

(Reuters) - Citi Research on Friday reduced its first-quarter production estimates for Apple Inc's iPhones and nearly halved expectations on the costliest iPhone XS Max, joining other brokerages in lowering forecasts amid reports of weak demand. "The material cut in our forecasts is driven by our view that 2018 iPhone is entering a destocking phase, which does not bode well for the supply chain," analyst William Yang wrote in a client note. Citi said it expects the company to make 45 million iPhones for the quarter, down from 50 million it forecast earlier

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