Apple ticks up as tech giant likely to increase iPhone 14 Pro shipment forecast: analyst
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Apple (NASDAQ:AAPL) shares ticked higher on Monday as an influential analyst indicated that the tech giant has asked its manufacturing partner to switch the production lines of its iPhone 14 and iPhone 14 Pro models.
TF International Securities analyst Ming-Chi Kuo tweeted on Monday that Apple (AAPL) has asked Hon Hai, also known as Foxconn (OTCPK:FXCOF), to switch the product lines between the smartphones, a move that could help Apple's product mix and its average selling price in the fourth quarter.
"Based on the production line conversion rate, it's equivalent to an increase in the shipment forecast of iPhone 14 Pro models in [the fourth-quarter] by about 10%," Kuo wrote in a subsequent tweet.
The analyst added that so far, only a few component suppliers have had their order changes to reflect the changes coming from Foxconn, notably Samsung Display (OTCPK:SSNLF), which supplies the display for new iPhone.
Kuo said that most of the suppliers should receive an increase in requests for iPhone 14 Pro models from Apple (AAPL) in the "next few weeks."
Apple (AAPL) shares rose nearly 1% to $152.06 in early trading.
Last week, investment firm Morgan Stanley suggested that Apple (AAPL) was seeing stronger than expected demand for the iPhone 14 product line, citing relative lead times and early data from China.