Wedbush analyst wrote Today that Asia supply-chain checks have now exceeded even their 'bull case scenario' for units in FY21
According to JPMorgan, aggregate lead times for the iPhone 12 Pro were "quite robust and above 20 days, implying continued robust demand" following the holiday period. Lead times across the iPhone 12 series overall had "moderated significantly," added analyst Samik Chatterjee, who rates Apple overweight with a $150 price target.
Optimism over iPhone demand has contributed to recent gains in Apple shares, which touched an intraday record high earlier this week. The stock has added more than 20% since the start of November alone, outpacing gains in the Nasdaq-100 Index, which is heavily weighted toward tech megacaps. The rally brings Apple’s advance for the year to about 82%, and puts it on track for a second straight annual gain of more than 80%.
Earlier today Wedbush analyst Daniel Ives wrote that Asia supply-chain checks "have now exceeded even our 'bull case scenario' for units in FY21 given the current trajectory, a major positive for shares over the coming months." He added that Apple likely saw strong demand for AirPods over the holidays, “another product tailwind heading into 2021.” For more, read the full Bloomberg report.