Apple 3.0’s Phillip Elmer-DeWitt has gotten hold of Morgan Stanley analyst Katy Huberty’s latest note to clients regarding Apple in which she says that through October 19th, lead times for Apple’s iPhone 13 Pro and flagship iPhone 13 Pro Max are 32.5 days, the longest of any iPhone model launched in the last 5 years at this point in the cycle (32 days after the pre-order date). The iPhone is also showing accelerated share gains in China.
From a note to Morgan Stanley clients that landed on my desktop Wednesday…
As we recently highlighted, there continue to be bottlenecks in the iPhone supply chain, primarily for iPhone 13 Pro and Pro Max camera modules manufactured by Sharp in Vietnam, which makes it harder to deduce the impact of demand vs. supply on iPhone 13 Pro/Pro Max lead times.
However, with lead times to-date for all four iPhone 13 models outperforming their respective iPhone 12 and iPhone 11 peers from the last 2 years, we believe early demand is at least in-line with internal expectations and tracking to our +4% Y/Y iPhone shipment growth forecast in FY22.
Latest China smartphone installed base data showing iPhone share gains accelerating in China. Through the end of September 2021, Apple had ~23% share of the smartphone installed base in China, up 280bps Y/Y, the strongest month of share gains for Apple since March 2019, and a new China smartphone installed base record
Read more, and see all of the charts in the full article here.
MacDailyNews Note: Huberty maintains her “Overweight” rating and reiterates a $168 price target on Apple shares.
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