Apple Inc AAPL shares are trading lower Monday after the company said iPhone shipments could experience delays due to restrictions at the Foxconn plant in China.
Apple on Sunday announced that COVID-19 restrictions in China have temporarily impacted the primary assembly of the iPhone 14 Pro and iPhone 14 Pro Max. The facility is currently operating at “significantly reduced capacity.”
“We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new products,” the company said.
Apple noted that it’s working closely with Foxconn to return the factory to normal production levels while ensuring the health and safety of every worker.
- Barclays analyst Tim Long maintained Apple with an Equal-Weight rating and lowered the price target from $156 to $144.
- BofA Securities analyst Wamsi Mohan maintained Apple with a Neutral rating and lowered the price target from $160 to $154.
Related Link: Apple Stock May Slump As China Situation Delivers ‘Absolute Gut Punch’ — Analyst Flags Buy Opportunity
AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
The stock was down 1.29% at $136.59 at time of publication, according to Benzinga Pro.
Photo: courtesy of Apple.