Apple on pace to sell 10 million iPhones this Black Friday

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Apple on pace to sell 10 million iPhones this Black Friday

Wedbush analyst Dan Ives said Friday that Apple Inc. AAPL is on pace to sell more than 10 million iPhones over the Black Friday weekend, setting it up to sell about 40 million units between now and Christmas. Ives wrote in a note to clients that it was despite the global chip shortage that is impacting supply. The analyst said that Apple is seeing shortages in many Apple stores with iPhone 13 Pro Sierra Blue and Gold the most popular, and that demand is out of supply for overall iPhone 13 units globally by about 15% heading into the holiday season. Despite the chip shortage and Rubik's Cube logistics that Apple is dealing with, we are seeing tremendous demand for iPhone 13 in the US and China, which is a positive sign that Apple could surpass 80 million iPhone units in the quarter with stronger Pro versions driving higher ASPs. In China alone, Ives estimates there are about 15 million iPhone 13 upgrades due for December, as the region continues to be a major source of strength to Apple in the year 2022, according to Ives. Ives is sticking with his outperform rating on the stock and $185 price target. The Dow Jones Industrial Average has gained 14% and the shares were down 1.5% in a falling market, but are up 18.5% in the year to date.