apple (AAPL) appears to have recovered from a shortage that has reduced the availability of iPhone 14 Pro models during the holiday shopping season, Wall Street analysts said Tuesday.
JP Morgan analyst Samik Chatterjee said his company’s channel checks show an improved supply of premium models of the latest iPhones. Covid pandemic lockdown and worker protests in China Availability of these popular iPhone 14 models plummeted in November and December.
In a note to clients, Chatterjee said supply of iPhone 14 Pro models was gradually improving, with most models now available in stores for the first time in all regions since the product launched on September 16. It is said that it became
“Pro model lead times are now tracking in line with lead times seen pre-Covid in Zhengzhou, China, with supply improving and slowly inching towards parity with demand. Apple’s main iPhone factory is in Zhengzhou.
JP Morgan tracks iPhone lead times and mobile phone availability in US, China, Germany and UK
iPhone 14 supply problem drives Apple stock down
Chatterjee has an Overweight or Buy rating on Apple stock with a price target of 190. stock market todayApple shares fell 1.4% to close at 130.03.
Apple’s production and supply issues related to the iPhone 14 Pro handset have caused many analysts to slash their sales and profit forecasts for the December quarter.
Analysts surveyed by FactSet expect Apple to earn $1.98 per share in the first quarter of the fiscal year on sales of $123.5 billion. This means a 6% year-on-year decline in revenue and a slight decline in sales.
Apple shares are down 26.8% year-to-date through Tuesday’s close. This compares to his 19.7% decline in the S&P 500 index.
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