Global Equities Research affirms its Overweight rating and $155 price target on Apple (Nasdaq: AAPL) amid a pessimistic view of economic growth for China.

Analyst Trip Chowdhry now sees China GDP at minus 2 percent for 2016, from prior projections of up 5 to 7 percent. This compares with U.S. GDP moving down 2 percent in 2009 versus 2008.

Chowdhry continued, Our extreme assumption of China GDP of minus 2% would reduce Apple's China revenues, which currently are ~27% of total revenues, by 8%; resulting in total Apple revenue reduction of between 2% to 3%, which is still very good for Apple stock to reach $155.

Chowdhry sees FQ415 revenue for Apple at $48.9 billion with EPS of $1.79, versus consensus estimates calling for revenue of $50.85 billion and EPS of $1.87.

FY15 and FY16 revenue expected at $231 billion and $239.5 billion, respectively. FY15 and FY16 EPS expected at $9.06 and $9.58, respectively. (NOTE: The Street sees FY16 revenue and EPS at $244.6 billion and $9.78, respectively.)