Apple Christmas iPhone Sales Will Take Supply Chain Hit -JPMorgan

Apple  (AAPL) – Get Free Report shares were active in pre-market trading Tuesday following a price target cut from analysts at JPMorgan and a muted holiday sales outlook.

JPMorgan analyst Samik Chatterjee clipped $10 from his Apple price target, taking it to $190 per share, while maintaining an ‘overweight’ rating on the stock heading into the final days of the trading year.

Chatterjee cautioned, however, that supply chain challenges, linked to the ongoing Covid disruption in China, would take some 4 million from the tech giant’s December iPhone sales, which he now pegs at around 70 million.