According to Goldman Sachs, an analysis of Apple’s delivery estimates shows that the supply of iPhones has largely met demand, while MacBook Pros continue to be constrained. In a note to investors seen by AppleInsider, Goldman Sachs analyst Rod Hall looked at lead times for the seventh week of the iPhone 13 and iPhone 13 Pro and the thirteenth week of the M1 Pro and M1 Max MacBook Pro. delivery time.
Lead time, or the time it takes for an order to be delivered, can be used as an indicator of the balance between supply and demand. Delivery times have largely shrunk to 1 to 2 days in most regions analyzed by Hall, with one exception. In the US, delivery times for the iPhone 13 Pro Max are still hovering around 4 days, likely due to the model’s popularity.
Worldwide, delivery times for all non-Pro iPhone 13 models are now one day, Hall said. The delivery time for the iPhone 13 Pro is also one day, while the delivery time for the iPhone 13 Pro Max is 3 days on average. It’s a different story with the new 14-inch MacBook Pro and 16-inch MacBook Pro lines. Hall pointed out that there is an uneven variation in different models of products in different regions.
On a global average, lead times for the 14-inch model were 25 days, an increase of 6 days; the 16-inch MacBook Pro took a day longer to 20 days. In the US, delivery time for the 14-inch MacBook Pro has increased by seven days, for a total of 23 days. The 20-day lead time for the 16-inch model with the M1 Pro was unchanged, and Hall tracked down five days for the M1 Max version, bringing it down to 32 days.
The analyst maintained his 12-month Apple price target at $142, which is based on 27 times its Q5 to Q8 EPS forecast. Apple stock is currently trading at $179, and Hall has been below his target estimate for several months.