Steady Apple lead times a sign of continued supply chain issues, analyst says

Apple MacBook Pro

Estimated delivery times have remained largely unchanged for Apple products, a sign that the company is still seeing supply chain issues, according to JP Morgan.

In a note to investors seen by AppleInsider, JP Morgan lead analyst Samik Chatterjee analyzes lead times — or the time it takes for a product to arrive after an order — are currently steady across Apple's product lineup.

Chatterjee says the lead times are consistent with the supply chain challenges that hardware companies are facing. On the other hand, the headwinds do not appear to be worsening.

The supply issues include Covid-related lockdowns in Shanghai and Beijing. However, those lockdowns have eased in recent weeks.

Apple's iPhone and Mac currently have the longest lead times across all geographies.

On a more granular level, some lead times have shortened. In Japan, Mac lead times have shortened over in late May and early June. Additionally, iPhone lead times contracted across all geographies in the first week of the month.

Global Mac lead times still stand at 35 days, while global average iPhone lead times clock in at 25 days. Mac and iPad lead times remained elevated at one month in the U.S. In Western Europe, lead times for the Mac and iPad stand at 37 days and 25 days, respectively.

Chatterjee is maintaining his 12-month Apple of $200, based based on a price-to-earnings multiple of 30x on his 2023 earnings estimate of $6.73.