Apple can’t make enough of the iPhone 14 Pro to meet demand

iPhone 14 Pro devices

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A new report shows that wait times for iPhone 14 Pro and iPhone 14 Pro Max have risen as demand is likely to outpace production.

In a note to investors seen by AppleInsiderInvestment bank UBS analyst David Vogt examined the wait times of Apple’s Pro smartphones using data tracking iPhone availability in 30 countries.

In the US, wait times for the iPhone 14 Pro and iPhone 14 Pro have increased by 5 to 25 days each. UBS captured data before the recent lockdowns in China that could affect production.

Vogt attributes the increase in wait times to high resale power in September that exceeded expectations.

The resale percentage measures the amount of inventory sold within a given time frame relative to the amount of inventory received within the same period. It estimates how quickly a company can sell its inventory and receive revenue.

The resale rate for iPhones in September is expected to be 3% higher year on year, while the rates for the Pro models in 2021 were 50% higher than the iPhone 13 Pro models. The early launch of the iPhone 14 series likely contributed, although demand also increased year-over-year.

According to the most recent data from UBS, waiting times have also increased in China. It jumped to about 24 days for the iPhone 14 Pro and iPhone 14 Pro Max, compared to 39 days for the iPhone 13 Pro and iPhone 13 Pro Max in 2021.

Vogt believes the recent COVID-19 outbreak in China that hit Foxconn’s main iPhone factory could negatively impact iPhone units in the December quarter. He predicts 86 million units during that period, although Apple may be slightly short of that figure.

UBS has a price target of $185 for AAPL, which equates to a value of approximately $171 for Apple’s core hardware business.