Apple’s (NASDAQ: AAPL) iPhone supplier Foxconn’s plant in China was rocked by worker protests on Wednesday, as indicated by a viral video circulating on social media.
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According to Reuters, this video showed men breaking windows and smashing surveillance cameras. The report stated that the workers’ unrest was sparked by delayed bonus payments. Production at the Zhengzhou plant has been hampered for the past few months. Initially, it was affected by COVID lockdowns as China moved to quell the rising COVID-19 cases and now by violent worker protests.
Foxconn told Reuters, “Regarding any violence, the company will continue to communicate with employees and the government to prevent similar incidents from happening again.”
Foxconn is AAPL’s largest iPhone supplier and had earlier stated that it was hoping to resume full production in the second half of this month. But with these fresh protests, this plan now looks difficult.
As the above graphic shows, the analysts’ consensus price forecast for AAPL stock is $180.48 implying an upside potential of 20.2% at current levels.