JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Apple to $190 from $200 and keeps an Overweight rating on the shares. The analyst is “again moderating” expectations for Apple’s December quarter to reflect recent supply chain challenges at its operations at Hon Hai’s assembly facility in Zhengzhou, China. While the rapid extension of lead times for the iPhone 14 Pro / Pro Max has slowed down and began to moderate in recent weeks, it still remains elevated relative to the lead times seen prior to the COVID outbreak in Zhengzhou, Chatterjee tells investors in a research note. The analyst continues to see the supply shortfall continuing through year-end and impacting the typical seasonal uptick in iPhone volumes in the December quarter.
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