KeyBanc Warns Against Heavily Constrained Apple iPhone 13 Supply

KeyBanc analyst John Vinh says his November carrier survey indicates Apple Inc AAPL iPhone 13 supply remains heavily constrained.

• The demand continues to outstrip availability during the Thanksgiving holiday period.
• While the analyst recently observed modest supply improvement, most of the stores surveyed reported not having any 13 Pro/Max availability.
• Related Content: KeyBanc Sees Robust Demand For Apple iPhone 13
• Carrier store DOI remains very lean at well under one day.
• Vinh views these results as neutral for the Apple supply chain and expects stocks to remain range-bound as constraints are likely to limit near-term upside.
• Companies with meaningful Apple exposure include Broadcom Inc AVGO, Cirrus Logic Inc CRUS, Qualcomm Inc QCOM, Qorvo Inc QRVO, and Skyworks Solutions Inc SWKS.
• Price Action: AAPL shares traded lower by 1.90% at $175.89 on the last check Thursday.