Apple expects to face billions of dollars in supply-chain impacts during the current quarter, but analysts aren’t worried. Analysts say Apple’s crunch is only temporary, happening at a slow time of the year, and shows the resilience of demand.
Apple Inc. expects to face billions of dollars in supply-chain impacts during the current quarter, but analysts aren’t sweating the smartphone giant’s latest words of caution.
“The production issues ought to be transitory – and they occur at the best possible time of the year during the weakest seasonal period ahead of fall launches,” wrote Raymond James analyst Chris Caso. “We think that sets September up well assuming China normalizes.” Still, Caso is bullish on Apple’s stock, reiterating an outperform rating and $190 price target after the report.
“For those who argue that demand is declining and want to be negative on the stock, we point to the long product lead times, no compelling competitive substitution product, and an Apple installed base that is growing that will lead to future services revenues, which are more profitable than product revenues,” continued Suva, who has a buy rating and $200 target on the shares.Jefferies analyst Kyle McNealy offered that Apple’s June-quarter expectations weren’t “as bad as they initially seemed.
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