After climbing 48% in 2023, (NASDAQ: AAPL) stock has underperformed so far in 2024. The stock is down about 11% year to date, in part, due to worries regarding slowing iPhone sales in China. However, one Wall Street analyst sees this price dip as a buying opportunity.

Earlier this week, Bank of America Securities analyst Wamsi Mohan renewed his $225 price target on the stock. That price target represents a potential upside of about 31% in the next 12 months or so over the current share price of $171.

A recent report from Counterpoint Research showed that iPhone sales in China fell 24% year over year in the first six weeks of the year. This seems to be what is weighing on the stock right now, but Mohan noted that Apple has an important option for dealing with this.

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Source Fool.com