The iPhone started losing momentum in China last year and Milunovich says that Chinese iPhone demand will never return to the peak level of 2015. Besides the lengthening upgrade cycle, which started just last year and will continue into 2018, the analyst says that Chinese brands have become "adept at quickly replicating features."
Milunovich is keeping his buy recommendation on Apple despite the lack of growth forecast for the iPhone in China. His target on the stock is $190, which would be an 8% gain from today's close of $175.82.source: CNBC