Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Anusuya Lahiri

Apple Will Have Minimal Impact From China's Lockdown According To This Analyst

  • Piper Sandler analyst Harsh Kumar saw a minimal impact on Apple Inc (NASDAQ:AAPL) from supply issues caused by Covid-19 lockdowns in China.
  • Kumar maintained his price target of $200 (18.7% upside).
  • China initiated strict lockdowns and production halts in Shanghai and Kunshan, home to some of Apple's key supply chain partners.
  • Several of Apple's key suppliers, including iPhone assembler Pegatron Corp (OTC:PGTRF), had to shut down production amid the lockdowns.
  • Hon Hai Precision Industry Co Ltd (OTC:HNHPF), operating as Foxconn, shuttered operations but was able to get back into action as the lockdowns eased quickly.
  • Kumar acknowledged the June quarter as a seasonal low point for iPhone shipments and sales of other consumer electronics, thereby helping Apple's suppliers meet demand.
  • Kumar saw investors anticipate softness in these areas over the next few months, suggesting that Apple's share price may not take a significant hit.
  • He saw potential iPhone buyers more likely to postpone their purchase than switch to another brand or scrap their possible buy.
  • Price Action: AAPL shares traded higher by 0.64% at $166.82 on the last check Tuesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.