Apple (AAPL) Lower on Talk of Major iPhone 11 Production Cuts; Morgan Stanley Said Defending

December 9, 2019 1:17 PM EST
Get Alerts AAPL Hot Sheet
Price: $148.82 +0.53%

Rating Summary:
    46 Buy, 17 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 28 | New: 30
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Today's major downside in Apple (NASDAQ: AAPL) (-1.6%) is in part related to comments from Rosenblatt analyst Jun Zhang that there have been/will be production cuts of ~25% for the iPhone 11 Pro and iPhone 11 Max for both the December and March quarters. Zhang think total iPhone 11, Pro, and Max production will drop 60% q/q in March, as they do not believe Apple will build much 4G smartphone inventory in the first half of C2020.

Morgan Stanley analyst Katy Huberty is apparently defending against the sentiment, saying she met with Apple's CFO and supply chain the last two weeks and believes iPhone 11 strength applies to entire series (11 regular, Pro, Max) and not just cheaper SKUs.

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