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Early Apple iPhone 14 Lead Times Transcend Expectations, Says This Analyst

·1 min read
  • Morgan Stanley analyst Erik Woodring reiterated Overweight on Apple Inc (NASDAQ: AAPL) and a $180 price target.

  • Woodring highlighted that the critical investor debate entering last week's iPhone launch event was how resilient iPhone 14 demand would be in the face of persistent inflation and growing macro uncertainty, proving to be headwinds to consumer electronics spending intentions.

  • However, early iPhone 14 Pro series lead times in the U.S. are more robust than expected.

  • Erik points out that early pre-order commentary from markets such as China and India is similarly robust.

  • Additionally, early iPhone 14 Pro series adoption is a bit stronger than he expected, showing Apple's strategy of high-end model differentiation appears to be paying off.

  • It could be a potential incremental tailwind to iPhone ASPs in FY23, where he is already 5% ahead of consensus at $900.

  • Collectively, these early cycle data points are helping to dispel fears of material iPhone weakness, aligning with Erik's view that the iPhone is a more "staples-like" product more resilient to macro shocks.

  • Price Action: AAPL shares traded lower by 1.82% at $152.49 on the last check Thursday.

Latest Ratings for AAPL

Date

Firm

Action

From

To

Mar 2022

Barclays

Maintains

Equal-Weight

Feb 2022

Tigress Financial

Maintains

Strong Buy

Jan 2022

Credit Suisse

Maintains

Neutral

View More Analyst Ratings for AAPL

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