Apple (AAPL): iPhone X Production Ahead of Schedule, 6 Mil Est Sold Through Black Friday Weekend - Rosenblatt

November 28, 2017 7:59 AM

Rosenblatt China Technology analyst, Jun Zhang, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) and believes that iPhone X production increased to 3 million units/week and could increase to 4 million units/week in December. This would put the company ahead of schedule at a time when ASPs could be improving as well.

The analyst also believes that iPhone X sell through remained solid through Black Friday with 15 million units sold so far including 6 million iPhone X during the Black Friday season but demand for the 256GB model appears to be twice that of the 64GB model which would be a positive for ASP and gross margin as well as units.

Rather than taking numbers up however, the analyst expects normal seasonality to kick in after the inventory build and cut March quarter units by 5 million; 3 of which shifted into the December quarter.

The firm is increasing December quarter iPhone X shipment estimates from 27-28 million to 30 million units and reduced their March quarter estimates from 45 million to 40 million units.

No change to the price target of $180.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $174.09 yesterday.

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