Credit Suisse cuts Apple iPhone sales estimate, but stays bullish - Seeking Alpha

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Apple (NASDAQ:AAPL) volition apt merchantability 7M less iPhones successful Q1 of fiscal 2023 owed to China accumulation issues, Credit Suisse said Friday based connected transmission checks.

But the income backlog volition displacement to Q2, expert Shannon Cross said successful a note, keeping her Outperform standing connected the banal with a terms people of $184.

AAPL edged up 0.3% successful premarket trading.

Credit Suisse chopped the forecast for Q1 iPhone income by 7M to 69M units. It kept gross unchanged astatine $121.66B and chopped EPS by 8% to $1.92 from $2.09.

Based "on our transmission checks and input from our Asia team, we judge Apple's accumulation issues astatine the Hon Hai mill successful Zhengzhou volition trim F1Q23 gross and EPS, with resulting backlog benefitting F2Q23 results," Cross said. "With debased retail availability persisting, we deliberation the weaker units are a proviso alternatively than request issue, though iPhone 14 and iPhone 14 Plus request appears underwhelming."

"This premix displacement to the higher extremity is accordant with our thoughts from the motorboat and reflects Apples strategy this rhythm to determination customers up the line-up."

Apple spouse Foxconn conscionable ended its closed-loop iPhone strategy astatine Zhengzhou.