Nomura Instinet Says Apple iPhone X Sales 'Uninspiring'

Investing.com - Apple (NASDAQ:AAPL)'s first-quarter earnings may have silenced most of the naysayers about the health of its iPhone business, but one Wall Street firm is still skeptical. In a note to clients, Nomura Instinet reiterated its neutral rating and $175 dollar price target, saying iPhone demand remains soft.The firm says the company's average iPhone selling price implies sales of its latest model, the iPhone X, are "uninspiring."Nomura says part of the problem is that major telecoms companies are not offering phone upgrades as often as they used to.Worries about slowing iPhone sales battered Apple's stock price ahead of its May 1 earnings release, but shares surged to a new high after results were better than expected.