- Apple Inc's (NASDAQ:AAPL) iPhone demand is "better than expected" for the quarter, and its supply chain is proving "surprisingly resilient," Wedbush's Dan Ives said:
- Ives believes iPhone demand is holding up better than expected despite the various supply issues and is trending better than management's guidance thus far in the quarter.
- Ives assured that its Asia iPhone supply chain checks have been "surprisingly resilient" over the last few weeks despite the zero Covid-driven demand issues in China that remain the elephant in the room for the Apple story.
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- As Ives notes, Apple's supply chain is under pressure in mainland China because of strict zero-COVID measures implemented by the government. Some factories have had to suspend operations, with others operating at limited capacity or keeping employees in "closed-loop" environments to prevent the spread of the disease.
- Ives said AAPL remains a "top tech pick" despite some woes of late.
- Ives has previously said that Apple is one of a few stocks representing a "generational buying opportunity."
- Price Action: AAPL shares traded lower by 2.41% at $134.02 on the last check Friday.
