Credit Suisse analyst Matthew Cabral wrote Thursday that Apple Inc.'s /zigman2/quotes/202934861/composite AAPL +1.77% November iPhone sell-in dropped 35.4% in China last month, citing third-party data. The stock is off 0.9% in premarket trading. "We recognize monthly data can be volatile and the shift in launch timing versus last year is likely skewing year-over-year compares; however, the drop in November marks the second straight double digit decline (-10.3% year over year in October) and total shipments in China since the launch of the iPhone 11 family are now down 7.4% year over year (September to November)," he wrote. Cabral said the popularity of Apple's cheaper iPhone 11 model in China "likely adds further pressure" to Apple's China sales. "In addition, the looming Dec 15th deadline for 15% tariffs imposed on the vast majority of Apple's portfolio (including iPhone, iPad, and Mac) remains a potential overhang," he wrote. "Our (and we believe investors') base case continues to factor in a favorable resolution (i.e., no tariffs); however, we think Apple would have a difficult time pushing through tariff-related price increases to US consumers (~35% of CY18 iPhone units, per Gartner) without a commensurate impact on demand." Cabral rates the stock at neutral with a $221 target price. Apple shares have risen 72% so far this year, as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.29% has increased 20%.