UBS analyst David Vogt says that utilizing UBS Evidence Lab data that tracks Apple iPhone availability across 30 countries, wait times across most markets including the U.S. and China improved relative to both last week and two weeks ago indicating the supply chain disruptions are easing on the margin. In the U.S., wait times for the iPhone 14 Pro and 14 Pro Max have declined to about 25 days compared to 38 days two weeks ago. In China, wait times also declined from 2 weeks ago but the drop was smaller. If the rate of improvement continues in the U.S., it might be possible for consumers to receive a new iPhone 14 Pro or Pro Max in time for Christmas, the analyst notes. While the trend is a welcome respite, Vogt believes the market is likely to view the December and March quarters in aggregate relative to last year to gauge underlying demand. Despite the recent disruptions, he believes iPhone demand has been largely durable with a limited number of consumers willing to leave the Apple ecosystem. The analyst has a Buy rating and a price target of $180 on the shares.
Published first on TheFly
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