Noting that smartphone vendors are likely to look to the supply chain as a place to cut costs, he also moves to Sell ratings on Hon Hai and Catcher Technology.

FORBES: Apple And Samsung: Sell Them Both, Says Berenberg Analyst

He notes that year-over-year sales growth at Hon Hai fell from 84% in December to 37% in January and 26% in February, well below the better than 70% growth the Street has been expecting for the March quarter and the 50%-plus growth anticipated for the June quarter.

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