Barclays Flags iPhone 16 Demand Dip Amid Supply Chain Woes
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Barclays’ latest channel checks reveal a significant reduction in iPhone 16 orders for the December quarter, with a key Taiwanese supplier cutting estimates by around 3 million units. This reduction impacts both semiconductor components and iPhones, signaling potential demand issues. Analysts also noted shorter lead times for the iPhone 16, reinforcing concerns about waning interest.
Despite a 10.6% rise in Apple’s stock during the third quarter, shares dropped 2.9% on October 1, closing at $226. Barclays maintained its “underweight” rating on Apple shares, the only sell rating in the market, and lowered the price target to $186—a 20.2% decrease.
Adding to the challenges, a recent fire at Tata Group, Apple’s key supplier in India, has halted production indefinitely at their component plant. While Apple may shift production to China, the impact on November’s supply chain and shipping schedules remains uncertain. Analysts will keep a close watch, noting that Apple typically holds 3-4 weeks of inventory.
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