Apple iPhone sell-through down 12% in Q4, says UBS

UBS analyst David Vogt made no change to the firm’s Buy rating or $180 price target on Apple shares. The firm says iPhone sell-in and sell-through was materially impacted in the fourth calendar quarter of 2022 as a result of extensive supply chain disruptions, and while sell-through declined 12% in Q4, Apple took sell-through share as the global smartphone market declined 14-15%, the analyst tells investors in a research note. UBS estimates iPhone sell-through for the full year was roughly 6% below forecast of sell-in as the spread notably widened in the December quarter.