Apple investors don’t need to worry about a long wait for the iPhone X, analyst says


Qi Heng | VCG | Getty Images

Attendees take photos of iPhone X during the Apple launch event on September 12, 2017 in Cupertino,California.

Apple fans may be miffed about the supply chain delays hitting the much-anticipated new iPhone X, but Apple investors don’t have much to worry about, according to a Wall Street analyst.

“It’s certainly better than the alternative,” meaning lower demand, Andy Hargreaves, an analyst at KeyBanc, told CNBC’s Power Lunch on Friday.

Pre-orders for Apple’s flagship new mobile device began overnight, and the company said demand was “off the charts.”

For many people who pre-order the phones, however, that heavy interest means the $1,000 phone won’t ship until at least December. One analyst said Apple had at most 3 million devices on hand, despite selling as many as 13 million iPhones in the opening weekend of the iPhone 6S.

That shouldn’t be a problem for Apple shares, however.

Hargreaves said that if revenue misses because of supply, “that’s something that investors would largely look through.”

Apple customers will be able to pick up the 10th anniversary Apple phone in stores starting Nov. 3.

“We’re working hard to get this revolutionary new product into the hands of every customer who wants one, as quickly as possible,” Apple told CNBC.

Apple shares rose more than 3.5 percent late Friday afternoon, at $162.99. The stock is up more than 40 percent so far this year.

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