JPMorgan Sees Robust Demand for Apple’s iPhone 13 Lineup
According to JPMorgan analyst Samik Chatterjee, the demand indicators for Apple’s flagship smartphone lineup continue to be robust and healthy as evidenced in lead times for all iPhone 13 models (via Philip Elmer-DeWitt).
Despite the global supply chain constraints, demand for all iPhone 13 models remains largely stable in Week 3 over Week 2 except for the iPhone 13 mini, the analyst added.
Chatterjee noted that even though the elevated lead times on iPhone 13 are largely driven by the supply constraints, the demand indicators still appear robust and are “better than consensus investor expectations.”
Lead times remained stable across all models except mini in Week 3. Delivery timing for the 13, 13 Pro, and 13 Pro Max remained stable on an average basis across all the regions we track at 21, 36, and 36 days in Week 3, respectively. However, the delivery timing for the 13 mini moderated to 16 days in Week 3 from 19 days in Week 2.
JPMorgan has maintained its overweight rating with $180 price target for AAPL.