Apple’s (AAPL, Financial) stock had a sour start to 2025, 3% worse off at $242 on the opening day of the new year, with iPhone delivery worries front and center. The largest tech giant, which has always depended on the iPhone to fuel growth, is battling large headwinds, including sales that have slumped in China.

Meanwhile, UBS has cut its estimates for iPhone sales further below Wall Street consensus, adding to growing analysts’ caution. In a note Wednesday, UBS analyst David Vogt said Apple was facing a 5 percent drop in iPhone revenue for this December quarter, a sign of trouble ahead. The world’s largest company, Vogt said, ‘winter is here’ for Apple, whose iPhones fell 8% in November, largely because of a 28% decline in China.

In a bid to revive the sales slump, Apple will be offering discounts on several iPhone models from January 4 to 7 in China. As the company faces an increasingly mixed economy, the company is also discounting the flagship iPhone 16 Pro and iPhone 16 Pro Max models by 500 yuan ($68). Fierce competition from local smartphone makers and a sluggish Chinese economy, whose faltering property crisis and weak consumer spending have contributed to the dip in sales, have hit Apple’s bottom line.

However, UBS has stuck with its neutral rating on Apple stock and a price target of $236, a bit below the consensus price target of $248 among the 18 analysts surveyed by FactSet.

This article first appeared on GuruFocus.