KeyBanc analyst John Vinh says that results from the firm’s monthly carrier survey and Key First Look Data indicate sell-through of Apple’s (AAPL) iPhones during December/holidays rebounded, reflecting a partial recovery in supply. However, shortages of high-end Pro/Max models remain widespread. For Apple, the firm maintains its recently lowered, below-consensus estimates for Hardware revenue. With increased supply still not able to meet seasonal higher holiday demand, Vinh views these results as moderately negative for the Apple supply chain — Broadcom (AVGO), Cirrus Logic (CRUS), Qualcomm (QCOM), Qorvo (QRVO), and Skyworks (SWKS) — and already reflected in his below-consensus estimates.
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