Production of Apple's upcoming iPhone 15 handsets is running about a month behind schedule, a Wall Street analyst said Monday. Apple stock fell after the analyst's report.
Apple's contract manufacturers are experiencing shortages of key components, Barclays analyst Tim Long said in a note to clients. Those components include the iPhone 15's titanium alloy frame casing and revamped camera module, he said.
The "slower-than-expected production start could have September-quarter iPhone units slightly below expectations," Long said. That could lead to a shortfall of 2 million units during the calendar third quarter, he said.
"We estimate iPhone 15 units in the September quarter to be just shy of 20 million, vs. prior estimate of 22 million units," he said. Long rates Apple stock as equal weight, or neutral, with a price target of 149.
Apple Drops Below $3 Trillion Market Cap
On the stock market today, Apple stock fell 1.1% to 188.61. With the fall, Apple stock slipped below its recent milestone valuation of $3 trillion.
Long said his estimates are based on checks with Apple's supply-chain partners in Taiwan.
Apple is expected to introduce the iPhone 15 family of smartphones in September. Company officials did not immediately respond to requests for comment, and typically refuse to discuss unannounced products.
Apple also probably will raise prices for its Pro models with the iPhone 15 launch because of its more expensive parts, Long said. He expects Apple to raise the price of the Pro model by $100 and the Pro Max model by $100 to $200. The current iPhone 14 Pro starts at $999 while the Pro Max starts at $1,099.
"We think expected price hikes on iPhone 15 Pro models should put further pressure on iPhone 15 units given macro pressure, weak end-user demand and limited design changes," Long said.
Apple Stock On Tech Leaders List
Mass production of the iPhone 15 series should begin in late July or early August, he said.
Apple stock has an IBD Composite Rating of 92 out of 99, according to IBD Stock Checkup. Further, Apple stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
