Here's Why Apple Remains Top Pick For Wedbush Amid Odds

Anusuya Lahiri

May 20, 2022 at 2:41 PM·1 min read

Apple Inc's (NASDAQ: AAPL) iPhone demand is "better than expected" for the quarter, and its supply chain is proving "surprisingly resilient," Wedbush's Dan Ives said:
Ives believes iPhone demand is holding up better than expected despite the various supply issues and is trending better than management's guidance thus far in the quarter.
Ives assured that its Asia iPhone supply chain checks have been "surprisingly resilient" over the last few weeks despite the zero Covid-driven demand issues in China that remain the elephant in the room for the Apple story.
Also Read: Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
As Ives notes, Apple's supply chain is under pressure in mainland China because of strict zero-COVID measures implemented by the government. Some factories have had to suspend operations, with others operating at limited capacity or keeping employees in "closed-loop" environments to prevent the spread of the disease.
Ives said AAPL remains a "top tech pick" despite some woes of late.
Ives has previously said that Apple is one of a few stocks representing a "generational buying opportunity."
Price Action: AAPL shares traded lower by 2.41% at $134.02 on the last check Friday.

Latest Ratings for AAPL

Date	Firm	Action	To
Mar 2022	Barclays	Maintains	Equal-Weight
Feb 2022	Tigress Financial	Maintains	Strong Buy
Jan 2022	Credit Suisse	Maintains	Neutral

See more from Benzinga