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Apple Inc.'s (NASDAQ: AAPL) iPhone 6 Plus remains in "severe shortage" even as Chinese contract manufacturers' output is skyrocketing, an analyst said Friday.
Apple's largest supplier, Hon Hai Precision Industry Co., Ltd. (OTC: HNHPF), posted September sales showing a growth of more than 50 percent over August, Cantor Fitzgerald's Brian White said.
Apple supplier Pegatron Corp. (OTC: PGTRF) reported September sales growth of 63 percent over August, White said.
White said the factories are now "playing catch-up" because of delays in launching the phones.
"While this is good to see, we are more focused on the start of iPhone pre-orders in China" slated to get underway Friday, said White, who maintains a Buy and $123 target on Apple.
Employees at both suppliers are churning out the Apple phones in exchange for an hourly wage of $1.50, while working 11-hour shifts between six and seven days each week, according to New York-based China Labor Watch.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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