Citi cuts Q1 iPhone production estimates on 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.The cut was mainly due to weak outlook for the iPhone XS Max, analyst William Yang said in a research note.