Apple faces risk of ‘perishable demand’ for iPhones, analysts say

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Apple faces risk of ‘perishable demand’ for iPhones, analysts say
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Apple could simply see demand pushed back into 2023 — or some consumers could look at the long wait times and abandon their planned purchase altogether.

A powerhouse brand like Apple Inc. is often able to push past supply shortfalls in the knowledge that consumers are willing to wait for its hot products. But as Apple deals with significant iPhone shortages fueled by pandemic-related lockdowns in China, some analysts are worried that the company won’t be able to recapture all of the desired holiday demand.

“We see perishable demand stemming from the Zhengzhou Foxconn plant disruption, instead of an outright production deferral” to the March quarter, Barclays analyst Tim Long wrote in a note to clients Sunday. Oppenheimer analyst Martin Yang has an outperform rating on Apple’s stock, but he lowered his price target to $170 from $190 on concerns related to the production constraints. The price-target cut comes in conjunction with a reduction in his fiscal 2023 estimates that stems, he said, from “later-than-expected iPhone production capacity recovery in China.”

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