Apple seeing 'slight' supply chain improvement with iPhone 14 on deck
NguyenDucQuang

Apple (NASDAQ:AAPL) is seeing a "further slight improvement" in its supply chain as the tech giant gets set to unveil its next iPhone, investment firm Wedbush Securities said on Wednesday.
Analyst Dan Ives, who has an outperform rating on Apple's (AAPL), boosted his price target on the company's stock to $220 a share from $200. Ives noted that the initial order of 90M iPhone 14 units has "stayed firm", and despite the weakening economic conditions, strong demand is still there for Apple (AAPL) products. 
Ives said that heading into Apple's (AAPL) 2023 fiscal year, he is expecting "another heavy iPhone Pro and Pro Max mix shift" which would be positive for iPhone average selling prices. According to Ives, the iPhone Pro and Pro Max could see price increases of $100 over previous models. 
Apple (AAPL) shares just nudged above their breakeven line in early trading, Wednesday.
In addition, Ives said that Apple (AAPL) is likely to ship 220M iPhone units in its 2023 fiscal year, even as it contends with a weakening global economy and Covid-19 shutdowns in China. Ives believes that China could account for roughly 30% of iPhone consumers who may upgrade their phones, including a high number of Pro and Pro Max buyers. 
Services are also expected to be a bellwether for Apple (AAPL), and Ives said the business is likely to generate $90B in revenue in the company's 2023 fiscal year, and could surpass $100B in 2024, thanks to continued double digit growth. 
"In a nutshell, we believe Apple's growth story remains well intact with clear momentum around iPhone 14 around the corner," Ives said.
On Tuesday, Credit Suisse upgraded Apple (AAPL) to outperform, citing the company's massive user base of almost 2 billion installed devices.