April 2, 2023
11 °C London, UK

Apple Surprises With iPhone 14 Plus Production Cuts

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Apple reportedly will cut the production of the iPhone 14 Plus just two weeks after the start of production as it wants to evaluate the demand for the iPhone 14 Plus model which is cheaper than the iPhone Pro models. Apple asked one Chinese manufacturer to stop immediately the production of some components, while two more Chinese suppliers have also cut their production by 90% and 70%. Investors dump the stock after the news and AAPL stock turned red but finally managed to finish in positive territory.

Apple Inc. today announced upgrades to two of its iPad models the iPad and iPad Pro with a 15% faster M2 chip.  The iPad Pro starts at $799 for the Wi-Fi version and $999 for the cellular version, while the iPad Pro starting price is $1,099. The company reported $7.22 billion in iPad sector revenue during the last financial quarter, down from $7.37 billion the previous year.

Apple Price

Apple shares are trading at $143.06. The stock has lost over 19% since the start of 2022 while in the last three months has lost over 5%. The market capitalization now stands at 16.06 billion. The technical picture for the AAPL stock remains bearish despite the rebound from $134. Strong resistance for Apple shares stands at $151.28 the 100-day moving average. If the bids persist above that level then we might test the 200-day moving average at $157.83.

On the other side, initial support for the stock awaits at $138,19 the low from October 14, while more buying interest would emerge at $134 the low from October 13, 2022.  

Morgan Stanley yesterday reiterated AAPL stock at Overweight but cut the price target from $180 to $177. Credit Suisse on October 13, reiterated Apple at Outperform but also cut the price target from $201 to $190.

Apple reports the quarterly results on October 27. Most analysts are expecting a tough quarter for the company as the personal computer demand has slowed down after the covid-19 boom. Rising inflation is also expected to weigh on Apple products sales and profits. The revenue for Q4 is expected at $88.6 billion and the profits are expected at $1.26 per share.

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