JP Morgan lowers AAPL target to $151 as iPhone 14 Pro lead times increase

JP Morgan lowers AAPL target to $151 as iPhone 14 Pro lead times increase


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iPhone 14 Pro models



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Apple continues to struggle with keeping up with high demand for iPhone 14 Pro models. With lead times increasing, investment analyst JP Morgan has lowered its stock price target.

Demand is so far ahead of iPhone production that by November 17, 2022, when Apple published a list of recommended last dates to purchase, the final day to get the iPhone 14 Pro had already passed. Now in a note to investors seen by AppleInsider, customers will not receive an iPhone 14 Pro or iPhone 14 Pro Max in 2022, at least for shoppers ordering one after November 15, 2022.

The situation is the same for Apple customers worldwide. Analysts at JP Morgan revealed that worldwide lead times for the iPhone 14 Pro models are 41 days, while the iPhone 14 and iPhone 14 Pro lead times are much lower at just two days.

In the US, lead times for the base iPhone 14 models are slightly higher at three days, while the Pro models are seeing around the same time at 40 days.

Stripes mean pre-order, not available for pickup. Source: JP Morgan

Stripes mean pre-order, not available for pickup. Source: JP Morgan

Lead times for the Pro models have also increased in the UK and Germany, extending to 40 days and 39 days, respectively. The base models have only one day of lead time in these markets.

For the base iPhone 14 models, lead times have decreased to two days in China, compared to six days around November 14. Lead times for the Pro models in this market are at 43 days.

JP Morgan believes the numbers imply that China continues to face challenges related to a COVID-19 outbreak in Zhengzhou, China, home to the largest Foxconn factory that produces iPhones.

As with the iPhone 14 tracker, stripes mean pre-order, not available for pickup

As with the iPhone 14 tracker, stripes mean pre-order, not available for pickup

For other parts of Apple’s business, lead times are less dire. Globally, Apple Watch Series 8, Apple Watch SE, and Apple Watch Ultra had lead times of six, six, and four days, respectively.

Those numbers are down from respective lead times of seven, seven, and five days around November 14. Meanwhile, AirPods Pro 2 lead times are currently at two days, versus three days around November 14.

JP Morgan set a price target for Apple stock at $200 in April 2022, and a report in October matched that price. The latest investor note says that, as of November 18, 2022, JP Morgan has lowered its price target to $151.29.

Tech

via AppleInsider News https://ift.tt/2e7lDSU

November 21, 2022 at 09:07AM

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