JPMorgan on October 19 became the second brokerage in two weeks to cut its forecast for Apple Inc's (NASDAQ: AAPL) iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up, Reuters reports. JPM lowered its iPhone revenue estimate to $63 billion for Q1 of FY22, implying a year-on-year fall of nearly 4%.
JP Morgan Becomes Second Firm To Cut Apple iPhone Sales Targets