Benzinga | Nov 15, 2021 03:12PM EST

KeyBanc Sees Robust Demand For Apple iPhone 13

* KeyBanc analyst John Vinh says his carrier survey indicates Apple Inc (NASDAQ:AAPL) iPhone 13 demand remains robust, but supply constraints have significantly impacted order fulfillment.

* The majority of stores surveyed have no 13 Pro/Max inventory, with limited availability of the 13/Mini. Additionally, the analyst notes that many customers have opted to purchase an iPhone 12 when the iPhone 13 is unavailable.

* As a result, DOI remains excessively lean at well under one day. Vinh views these results as moderately negative for the Apple supply chain and potentially limiting the near-term upside.

* However, pent-up demand likely supports better-than-seasonal demand for Q1 2022, he contends.

* The analyst points out that companies with meaningful Apple exposure include Broadcom Inc (NASDAQ:AVGO), Cirrus Logic Inc (NASDAQ:CRUS), Qualcomm Inc (NASDAQ:QCOM), Qorvo Inc (NASDAQ:QRVO), and Skyworks Solutions Inc (NASDAQ:SWKS).

* Price Action: AAPL shares traded lower by 0.03% at $149.95 on the last check Monday.