From a note to clients by analyst Samik Chatterjee that landed on my desktop Sunday evening:
We find lead times for the 12 mini and 12 tracking lower than prior weeks at 8 and 5 days, while lead times for the 12 Pro have been stable at 24 days and the 12 Pro Max has expanded to 25 days. Two broad takeaways for investors include: 1) high-end models are doing better than expected, likely driven by early 5G adopters; 2) lead times are expanding in US and are high in China, but moderating in Europe, revealing that enthusiasm around 5G remains low in countries without significant 5G infrastructure.
Maintains Overweight rating and $150 price target.
My take: This report seems to contradict several findings in his last note. (See: Carriers say Apple’s iPhone 12 is selling better than the Pro. As I say. the problem with lead time equations is that they have two unknowns — one is supply and the other demand.