Apple Stock Slid in Morning Trading As Wedbush Checks Show Major IPhone Shortages

Tiger Newspress2022-11-28

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
11