China Dropped Apple And Cisco From State Purchase Lists: Here's What It Means

In a report published Thursday, JP Morgan analyst Rod Hall commented on the Chinese government's recent decision to drop some of the world's leading technology brands including Apple Inc. (NASDAQ: AAPL) and Cisco Systems, Inc. (NASDAQ: CSCO) from its approved state purchase lists.

Hall wrote that the government added thousands of locally made products to replace Western brands to its approved purchase list in "what some say is a response to revelations of widespread Western cyber surveillance." The analyst added that the "chief casualty" is Cisco as it has seen its product list drop from 60 in 2012 to none by late 2014.

However, Hall concluded by noting that "we don't believe this has much effect on our forecast for either Apple or Cisco."