Apple Will Have Minimal Impact From China's Lockdown According To This Analyst

Piper Sandler analyst Harsh Kumar saw a minimal impact on Apple Inc AAPL from supply issues caused by Covid-19 lockdowns in China.
Kumar maintained his price target of $200 (18.7% upside).
China initiated strict lockdowns and production halts in Shanghai and Kunshan, home to some of Apple's key supply chain partners.
Several of Apple's key suppliers, including iPhone assembler Pegatron Corp PGTRF, had to shut down production amid the lockdowns.
Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn, shuttered operations but was able to get back into action as the lockdowns eased quickly.
Kumar acknowledged the June quarter as a seasonal low point for iPhone shipments and sales of other consumer electronics, thereby helping Apple's suppliers meet demand.
Kumar saw investors anticipate softness in these areas over the next few months, suggesting that Apple's share price may not take a significant hit.
He saw potential iPhone buyers more likely to postpone their purchase than switch to another brand or scrap their possible buy.
Price Action: AAPL shares traded higher by 0.64% at $166.82 on the last check Tuesday.