Apple Cuts iPhone 18 Pro Orders on Weak Demand; Ives Keeps $400 Target
AAPL sits 40% above its 52-week low of $243.42.
Summary
Apple has told suppliers to reduce component production and trim iPhone 18 Pro and Pro Max orders, citing weak demand. This is the first concrete supply-chain signal of softness for the upcoming flagship cycle, and it lands while the stock trades near its 52-week high. The cut follows a Q3 that beat on revenue but disappointed on forward guidance, and it adds a new demand-side concern to the existing component-shortage warning. Dan Ives maintains his Outperform rating and $400 target, while Citi reaffirms Buy with a $365 target, but the order reduction is the actionable headline for traders. Separately, Apple named insider Steve Smith as head of M&A, replacing Adrian Perica, a leadership change that may signal strategic shifts under CEO John Ternus.
Updates
· Wiseek News — Apple cut October component orders for iPhone 18 Pro models amid weaker demand and higher AI-related memory costs, prompting a more conservative shipment outlook and premarket share declines.
At the time of this announcement, AAPL was trading at $340.60 on NASDAQ in the Technology sector, with a market capitalization of approximately $5T. The 52-week trading range was $243.42 to $345.34. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.