Apple slips even as Wedbush notes iPhone 14 seeing 'brisk sales,' wait times widening
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Apple (NASDAQ:AAPL) share slipped on Tuesday even as investment firm Wedbush Securities noted that the iPhone 14 is likely seeing "brisk sales" as wait times are getting longer.
Analyst Dan Ives, who has an outperform rating and a $220 price target on Apple (AAPL), noted that worldwide sales of the iPhone 14 Pro are exceptionally strong, with wait times on many models now between four and six weeks, going into November.
"We believe the iPhone Pro mix is up to 85%-90% vs. iPhone 13 Pro mix in the 60%-65% by this point in the cycle," Ives wrote in a note to clients, adding that there is a ramp in Pro production, which should help drive the average selling price and revenue for Apple (AAPL) into the next quarter and early next year. 
"So far we are seeing overall demand tracking 8%-10% ahead of our expectations on the Pro front," Ives added.
Apple (AAPL) shares slipped less than 0.5% to $153.99 in early trading.
In addition, Ives noted that Apple (AAPL) could start to see some supply issues going into the holidays if demand keeps up at current pace, noting that sales in China look "strong in particular," citing various e-commerce channels.
The observation comes one day after TF International Securities analyst Ming-Chi Kuo said something similar.
Kuo pointed out that Apple (AAPL) has asked Hon Hai, also known as Foxconn (OTCPK:FXCOF), to switch the product lines between the iPhone 14 and iPhone 14 Pro models.
Despite the strong reception for the iPhone 14 Pro, Apple (AAPL) is experiencing some problems with the high-end handset, as a software bug is causing some phones to begin vibrating when the camera is opened within apps such as Instagram and TikTok.
Apple (AAPL) told media outlets on Monday that it would release a software update next week that will address the camera shaking issue.
Cupertino, California-based Apple (AAPL) is slated to raise app prices in Europe and Asia next month as currencies around the world have weakened in the face of a rising U.S. dollar.