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By Sam Boughedda
Investing.com — In a research note on Friday, Wedbush analyst Daniel Ives told investors that he has seen shortages in various Apple (NASDAQ:AAPL) stores and estimates the company will sell over 10 million iPhones on Black Friday weekend.
Shares of Apple fell 3% on Friday.
Ives said the iPhone 13 in Sierra Blue and Gold are the most sought-after models, while adding that Apple could sell approximately 40 million iPhones between Black Friday weekend and Christmas.
The number would mean a record holiday pace if his estimates are correct, despite the global chip shortage hitting iPhone supply, explained Ives. He added that his expectations for Apple's fiscal Q1 results are bullish.
The analyst kept an outperform rating and a $185 price target on the stock. However, in line with the rest of the market, Apple's stock price is down around 2.75% on Friday.
In other Apple news, TFI Asset Management analyst Ming-Chi Kuo said he believes Apple will launch a new augmented reality headset in Q4 next year.