...We have reduced our fiscal 2020 (ending September) iPhone revenue growth expectation to about 1% in our base-case scenario, from 3%-4% previously, as a result of the coronavirus outbreak. Apple announced that its worldwide iPhone supply will be temporarily constrained because its manufacturing partners are experiencing a slower return to normal conditions following the extended Chinese New Year holiday. Additionally, demand for Apple's products in China will likely be hurt because its stores in China and many of its partners' stores have been closed for parts of February 2020 and have been operating at reduced hours and with low customer traffic since they have been reopened. While it is difficult to determine how long the business disruptions will last, we expect Apple's supply chain to return to normal business conditions in the third fiscal quarter. We also expect Apple's revenue to recover, given our view that product substitution risk is low as the company's customer base is loyal...
