Back to the Apple Maxima? JPMorgan considers the big iPhone bug fixed

manzana Faces February 2 next to display the results most sensitive in recent years. effects of the supply crisis Iphonethe flagship, crossed the company’s internal forum for the first time to reach the end user, who last Christmas saw how, for the first time, the presentation of the new phone model was patchy and delivery delays spread too far.

Technology stocks have arrived It lost nearly a third of its valuation from its August highs until the end of 2022. This 30% decrease means a decrease of approx 1 trillion From the dollar stock market valuation, up to $1.9 trillion, but so far in 2023 it is recovering. Apple piling up 10% revaluation this month After rising by 2% to reach $137.9, which was recorded last Friday.

The worst of its crisis seems like a thing of the past in the eyes of experts who, for the most part, see that dam demand and consumer loyalty for their iPhone have not been eroded by the supply crunch. However, it will not come for free. JPMorganInc., one of the most influential houses on Wall Street, lowered its price target for Apple shares from $190 to $180 a share, but maintained an “overweight” rating, meaning buy and give more weight to technology within the portfolio. The analyst consensus compiled by Bloomberg has a $170 price target, with the majority of buy recommendations.

to me Samik ChatterjeeJPMorgan analyst, the iPhone maker likely had a tough first fiscal quarter (October to early January) Due to previous supply chain problems from its factories in China and weak demand. In addition, the analysis forecasts that sales and results are likely to miss consensus expectations. We look at the next earnings release Difficult situation for Apple “Due to the supply issues encountered during the December quarter, which are now leading to demand concerns for the March quarter and onwards,” Chatterjee said in a report on Thursday.

However, there is good news. JPMorgan Monitors shipping estimates for iPhone 14 models around the world To measure the discrepancy between supply and demand. According to the report, That difference has virtually disappeared. However, the outbreak of Covid in China affected the production capacity of the iPhone 14 Pro and before the Christmas holidays, Apple faced an estimated shortage of 15 to 20 million terminalsa number multiplied by the average selling price of each, near $1,000, yields a whopping 20,000 million income impacts, such as alerted Ming Chi Kuofrom broker TF Securities, in early December.

Now, the holidays are over and China has replaced its “Zero Covid” policy with a reopening that has allowed factories to return to normal capacity. the Delivery dates for the two iPhone 14 Pro models all over the world less than a weekIn an apparent sign that the supply has waved off demand for the first time since its launch in late 2022, according to JPMorgan.

Apple’s logistics x-ray indicates that the Four iPhone 14 models have short standby times, about 4 days on average. In the US, for example, shipping takes about 5 days. in China In the US and Europe, wait times are shorter, about 3 days, and most models are available for in-store pickup.

in SpainiPhone 14 Pro Max, the ‘top of the range’ model most affected by the supply crisis, is immediately available for pickup in 11 Spanish Apple Stores Madrid, Barcelona, ​​Malaga, Valencia, Valladolid, Zaragoza and Murcia, It is dispatched within two hours within the city itself and takes 48 hours for the rest of the territory, according to the official website. Industry sources confirm overseas distributors such as Mediamarket, FNAC As for English court They have the usual availability of models.

Despite the obvious good news for Apple, The company did not fix The underlying weakness that led to the crisis last quarteras it still relied heavily on the Zhengzhou facility, “iPhone City”, the only place in the world that makes the professional and high-end version of the phone. However, the US giant has already urged its suppliers to diversify into other countries such as India, Vietnam or Indonesia. For now, it only represents “Indian” iPhones 5% of the total, but the company’s goal is to raise that percentage to 25% by 2025, according to analysts. The plan also includes increased manufacturing of products within the United States, as evidenced by the alliance with Chip maker TSMC in Arizona.