From a note to clients by Rosenblatt analyst Jun Zhang that landed in my inbox Monday:
We believe Apple may have recently requested Hon Hai add more production lines in order to speed up shipments before the holiday season. We cannot imagine Apple making this move if demand was weakening…
In our view, concerns regarding iPhone X demand due to shortening wait time may be overblown… With phones in very short supply and no inventory in authorized retail channels, we see no reason for Apple to cut its iPhone X production forecast.
Our research suggests iPhone X demand so far is stronger than iPhone 7 Plus/8 Plus models, but weaker than the iPhone 6 Plus at the same stage. We expect iPhone X demand to ramp slightly during the holiday season, but overall remain stable with no weakening…
We also believe Apple may attempt to refresh iPhone SE production in 1H18, but note that there might not be a market given the slow demand for small screen smartphones and lower iPhone 6/6S prices.
Reiterates Buy and $180 price target.
My take: Concerns about iPhone X demand? News to me.