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Piper Sandler says Apple likely lost 9M iPhone 14 units, cuts revenue estimates

Stock Markets Dec 01, 2022 09:50
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By Senad Karaahmetovic 

Piper Sandler analysts lowered estimates on Apple (NASDAQ:AAPL) to reflect supply concerns amid protests at Foxconn's key iPhone factory in the Chinese city of Zhengzhou.

The analysts lowered the revenue forecast for the December quarter to $119 billion, down from $127.3B on the expectations that Foxconn (TW:2354) shipped about 9M fewer iPhone 14 units produced last month.

Although the COVID restrictions have been relaxed in recent days, they remind Apple investors that more than 50% of iPhone production comes out of the Zhengzhou facility.

"While Apple has made efforts to move production out of China, in our opinion, India still accounts for less than 5% of total iPhone 14 production and is likely to help only to a limited degree at this time," the analysts wrote in a client note.

Still, they reiterated an Overweight rating on Apple stock as the brand is still "formidable."

Apple stock price is trading modestly higher Thursday.

Piper Sandler says Apple likely lost 9M iPhone 14 units, cuts revenue estimates
 

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