JP Morgan Becomes Second Firm To Cut Apple iPhone Sales Targets - Apple (NASDAQ:AAPL)

JPMorgan on October 19 became the second brokerage in two weeks to cut its forecast for Apple Inc's AAPL iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up, Reuters reports.
JPM lowered its iPhone revenue estimate to $63 billion for Q1 of FY22, implying a year-on-year fall of nearly 4%.
Last week, Needham said it expected iPhone 13 shipments to total 80 million units in Q1 and slashed its estimates for the holiday quarter by 10 million units citing supply chain issues, including the chip crisis.
JPM sees iPhones generating $46 billion in revenue after selling 58 million units, marginally higher than Wall Street's forecast of $41 billion.
Analysts see ~45 million units for the holiday quarter and 79.4 million units in Q1, Refinitiv IBES said.
Last week Bloomberg reported that Apple would likely slash its iPhone 13 production by ~10 million units due to the global chip crisis.
"We continue to see strong demand for iPhone 13 and 5G iPhone SE relative to low investor expectations to act as a catalyst, the timing of realization of which, although delayed on account of supply headwinds, is unchanged in magnitude," JPM said.
Interestingly, Apple said that its two new MacBook Pro models running on powerful in-house chips, and new AirPods 3, will start shipping next week.
Price Action: AAPL shares traded higher by 1.37% at $148.61 in the market session on the last check Tuesday.