Apple falls on iPhone 14 worries, Wedbush’s Ives says iPhone Professional mannequin is ‘key’ focus

Apple (NASDAQ:AAPL) shares fell 4% in premarket buying and selling on Wednesday after a media report indicated the tech large was pulling again from its plans to spice up iPhone manufacturing as a result of an absence of demand for its total product unit. Nevertheless, Wedbush Securities analyst Dan Ives mentioned the “key” for Wall Road was the iPhone 14 Professional mannequin.

Ives, who has an outperform ranking and a $220 value goal on Apple (AAPL), tweeted that the iPhone 14 Professional combine is probably going accounting for 85% of total iPhone 14 manufacturing, in comparison with 65% for the iPhone 13 line.

The analyst added that the report of a manufacturing lower as a result of softer demand will “ship nervousness [into the] market,” however the Professional mannequin is the “key” focus for Wall Road.

The in a single day report comes shortly after a number of funding analysts highlighted continued robust demand for the iPhone 14.

On Monday, J.P. Morgan analyst Samik Chatterjee cited the Wave7 August survey of U.S. gross sales traits pointed to a slipping of iPhone 13 market share by roughly 500 foundation factors in anticipation of the iPhone 14 launch this month. The survey added that the brand new product line is anticipated to fare higher than iPhone 13, citing sources at a nationwide retailer.

TF Worldwide Securities analyst Ming-Chi Kuo additionally just lately identified that Apple (AAPL) has requested Foxconn (OTCPK:FXCOF) to change manufacturing strains of the iPhone 14 and iPhone 14 Professional fashions with a purpose to construct extra iPhone 14 Professional models.

Final week, funding agency Financial institution of America mentioned Apple (AAPL) was probably benefiting because of “enticing” promotions from U.S. telecoms, that are incentivizing folks to improve to the newly launched iPhone 14 line.

Earlier this week, Cupertino, California-based Apple (AAPL) confirmed that it will produce some iPhone 14 models in India.