Apple Inc's (NASDAQ: AAPL) iPhone demand is "better than expected" for the quarter, and its supply chain is proving "surprisingly resilient," Wedbush's Dan Ives said:
Ives believes iPhone demand is holding up better than expected despite the various supply issues and is trending better than management's guidance thus far in the quarter.
Ives assured that its Asia iPhone supply chain checks have been "surprisingly resilient" over the last few weeks despite the zero Covid-driven demand issues in China that remain the elephant in the room for the Apple story.
Also Read: Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
As Ives notes, Apple's supply chain is under pressure in mainland China because of strict zero-COVID measures implemented by the government. Some factories have had to suspend operations, with others operating at limited capacity or keeping employees in "closed-loop" environments to prevent the spread of the disease.
Ives said AAPL remains a "top tech pick" despite some woes of late.
Ives has previously said that Apple is one of a few stocks representing a "generational buying opportunity."
Price Action: AAPL shares traded lower by 2.41% at $134.02 on the last check Friday.
Latest Ratings for AAPL
View More Analyst Ratings for AAPL
View the Latest Analyst Ratings
See more from Benzinga
Apple Defers Plan To Call Back Employees To Office Citing Pandemic Resurgence
Troubled EV Maker Lordstown Motors' Survival Hopes Rests On Fresh Funds, Valuation
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
