China's COVID-19 Breakout Hampers Apple's (NASDAQ:AAPL) iPhone 14 Production - TipRanks

The upcoming vacation play whitethorn not beryllium truthful joyful for the tech elephantine Apple (NASDAQ:AAPL) arsenic it expects little shipments of the latest iPhone series, contempt beardown request from customers.

The hold successful iPhone 14 Pro and iPhone 14 Pro Max shipments is being caused by strict COVID-19 restrictions successful China, owed to which Apple’s assembling portion successful Zhengzhou is operating astatine a reduced capacity. Last week, the Chinese authorities ordered a lockdown successful the country wherever this installation is located owing to the breakout of respective COVID-19 cases.

The bulk of Apple’s revenue comes from its pricey iPhone segment. While the institution whitethorn not beryllium capable to cater to each the orders this year, the craze for its latest exemplary would support clients motivated to hold longer than usual.

In a property release, the institution assured, “We are moving intimately with our supplier to instrumentality to mean accumulation levels portion ensuring the wellness and information of each worker.”

Is Apple a Buy, Sell oregon Hold?

At TipRanks, Apple banal is presently a Strong Buy based connected 20 Buys and 4 Hold ratings. The mean AAPL banal terms people of $181.25 implies 30.98% upside potential.

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