KeyBanc Sees Robust Demand For Apple iPhone 13

  • KeyBanc analyst John Vinh says his carrier survey indicates Apple Inc AAPL iPhone 13 demand remains robust, but supply constraints have significantly impacted order fulfillment. 
  • The majority of stores surveyed have no 13 Pro/Max inventory, with limited availability of the 13/Mini. Additionally, the analyst notes that many customers have opted to purchase an iPhone 12 when the iPhone 13 is unavailable. 
  • As a result, DOI remains excessively lean at well under one day. Vinh views these results as moderately negative for the Apple supply chain and potentially limiting the near-term upside. 
  • However, pent-up demand likely supports better-than-seasonal demand for Q1 2022, he contends. 
  • The analyst points out that companies with meaningful Apple exposure include Broadcom Inc AVGOCirrus Logic Inc CRUSQualcomm Inc QCOMQorvo Inc QRVO, and Skyworks Solutions Inc SWKS.
  • Price Action: AAPL shares traded lower by 0.03% at $149.95 on the last check Monday.
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