Apple shares fell 1.4% in morning trading as investment firm Wedbush Securities conducted store checks on Black Friday that showed "major" iPhone shortages across the board.
Analyst Dan Ives, who has an outperform rating and a $200 price target on Apple (AAPL), noted that iPhone 14 Pro shortages look to have gotten "much worse" over the last week, citing low inventories across the board.
"We believe many Apple Stores now have iPhone 14 Pro shortages based on model/color/storage of up to 25%-30% below normal heading into a typical December, which is not a good sign heading into holiday season for Cupertino," Ives wrote in a note to clients.
He added that wait times for a new iPhone 14 Pro are now up to 40 days on Apple's website and is only likely to grow over the coming days going into Christmas.
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