Apple (AAPL) iPhone X ramp remains subdued - Mizuho
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(Updated - November 14, 2017 11:03 AM EST)
(updated to expand analyst comments)
Mizuho Securities analyst Abhey Lamba said the Apple (NASDAQ: AAPL) iPhone X ramp remains subdued.
Lamba notes the firm's Japan team recently conducted field checks across the supply chain to gauge near-term iPhone procurement trends. iPhone X production estimates move lower by around 8mm units for CY17 on the back of slower-than-anticipated yield improvement.
In particular, the 3D-sensing module remains the bottleneck for the X, with yield improving on OLED panels, Lamba commented.
For the full-year, downside to X is partially offset by better 8+ volumes (relative to the iPhone 8) given the marginal price difference.
The analyst said in aggregate, total production for the year moves down about 1% from prior forecast of 226mm units.
"In our view, the street largely expects this and potentially better sell-through of other products could support mgmt's robust implied iPhone unit guide of around 77-80mm for DecQ," Lamba commented. "However, given the sustained n-t mix shift, ASPs could be impacted (recall that SepQ ASPs of $618 came in below consensus of $638)."
The firm maintained a Neutral and price target of $160.00
Shares of Apple closed at $173.97 yesterday.
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