Apple iPhone supply improvements seen helping fulfill demand, suppliers: KeyBanc
Jozsef Zoltan Varga

Apple (NASDAQ:AAPL) has seen "better-than-seasonal" sell-through for the iPhone in January due in large part to supply improvements and pent-up demand for the iPhone 14 Pro and iPhone 14 Pro Max, investment firm KeyBanc Capital Markets said on Tuesday.
Citing the firm's monthly carrier survey and its own data, KeyBanc analysts noted that sell-through has declined 34% month-over-month, well-ahead of the 47% decline it usually sees. 
Delving deeper, the analysts noted all carrier stores surveyed had both the iPhone 14 Pro and iPhone 14 Pro Max models in stock, with most of the models "readily available" online, compared to a delay between 0 and 3 weeks for the Pro and 1 to 4 weeks for the Max in December.
The survey also found that there is "ample" iPhone 14 and iPhone 14 Plus inventory in stock, reflecting lower demand when compared to the iPhone 14 Pro and iPhone 14 Pro Max.
"We view these results as encouraging given indications of durable post-holiday demand and as moderately positive for the Apple supply chain," the analysts wrote, specifically calling out Broadcom (NASDAQ:AVGO), Cirrus Logic (NASDAQ:CRUS), Qualcomm (QCOM), Qorvo (QRVO) and Skyworks Solutions (NASDAQ:SWKS).
The firm raised its per-share price target on Cirrus Logic (CRUS) to $120 following the survey's results.
Apple (AAPL) shares were fractionally higher in premarket trading on Tuesday.
Last week, Bank of America said research data suggests that Apple (AAPL) is likely to see "muted" growth from its App Store this year.