Apple Inc. (NASDAQ:AAPL) Cringes as China Raises iPhone PricesAuthor: Aman JainLast Updated: May 31, 2020 Apple Inc. stock was down 5% on Tuesday after the news of Yuan devaluation, which will raise the import costs of the Apple devices. China’s central bank announced that the official guidance of the Yuan would be lowered 2% to 6.2298 Yuan per Dollar, which is the lowest in three years. On Wednesday’s market shares fell by more than 2.5 percent before 10 AM EST.Apple stock is still attractiveThe Yuan devaluation will negatively impact Apple, but will benefit rivals Huawei, Xiaomi and Lenovo, who will gain from the stronger dollar. Citing concerns over the iPhone demand in China, Jefferies also lowered their price target on the US firm to $130 from $135.Such an environment should really concern investors as during the earnings call last month, Apple CEO Tim Cook noted that China is headed to become the bigger market for Apple , and currently it accounts for 27% of its global sales.The decision by People’s Bank of China, when viewed along with Apple’s most-recent quarterly figures and recent analysts estimates, should concern investors, but Elevation Partners co-founder Roger McNamee believe the stock is still an attractive buy.On Monday, in an interview to CNBC’s Squawk Alley, McNamee said, “No matter what you have, Apple’s going to be an enormously profitable business and it’s trading at a very reasonable multiple compared to the S&P 500.”The move from the Chinese bank sent the US stocks down, and Apple was the most affected. But, the expert noted that the Apple’s stock will rebound. “To me, the emotion that is driving the stock right now is understandable, but at some point people are going to look at the fundamentals and say, ‘Wait a minute, this is a value stock,’ ” he told to CNBC.Apple Watch not a failure?Commenting on UBS’s grim guidance on the iPhone maker, the expert said it’s “too early to write it off completely.” McNamee said it will be “inappropriate” to conclude the present scenario as a financial concern for the firm. Though the true numbers of Apple Watch are not out, it is having a big impact on the US watch market, which saw 11% revenue decline.UBS analysts lowered the watch estimates noting the interest is lower than the previous products from Apple. The Swiss bank also cited Fitbit a concern for Apple Watch sales as the search for the Apple gadget has been lower than those of Fitbit.On Monday, Apple shares closed down over 5% at $113.49 while year to date, the stock is up only 1%. In the last 3 months, stock is down over 10%.