Apple got a price target cut from analysts at JPMorgan amidst perceived supply chain challenges.
JPMorgan analyst Samik Chatterjee cut the price target on the iPhone maker’s shares by $10 to $190 per share. Chatterjee maintained an 'overweight' rating on the stock.
“We continue to see the supply shortfall continuing through year-end and impacting the typical seasonal uptick in iPhone volumes seen in Dec-Q. Thus, we are moderating our iPhone 14 Pro / Pro Max shipment forecast again in the Dec-Q," Chatterjee mentioned.
Nevertheless, Chatterjee indicated that part of the shipment shortfall in the December quarter will be made up in the March quarter with an expected easing of supply constraints in the lower production months. He also added that there would be a “modest” impact to demand given that Apple consumer have in the past waited through a delay.