Analyst: Apple's supply chain 'is beginning to recover'

Tim Cook at Foxconn
Tim Cook at Foxconn (Image credit: Apple)

What you need to know

  • Apple's supply chain has suffered through coronavirus.
  • One analyst believes things are starting to improve.
  • They have Apple stock at a $350 target.

Apple's beleaguered supply chain has received some good news after JP Morgan's Samik Chatterjee said they believe things are "beginning to recover" in China.

In a note to investors picked up by AppleInsider, Chatterjee reiterated the previous $350 price target for Apple's stock, saying that it's their belief that the risks are "fairly well baked in" to the predictions that are already in place.

Foxconn, in particular, has suffered through factory closures and staff shortages thanks to the ongoing coronavirus outbreak, with Apple reportedly running short on parts for repairs at Apple Stores.

Recent reports also have Apple's Chinese iPhone sales falling as much as 60% during February, thanks in part to Apple Store closures and an overall slump in buyer confidence in the region.

Apple's stock price has been through something of a rollercoaster in recent days, as have most technology stocks. Apple, and its supply partners, will be hoping that things are starting to settle down as Chatterjee believes.

Oliver Haslam

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.

Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.