Surveys reflect continuous weak Apple iPhone demand, says KeyBanc

KeyBanc says that results from the firm’s Apple (AAPL) iPhone carrier survey and Key First Look Data results reflect soft iPhone demand. Its April carrier survey indicates iPhone 15 sell-through in April was tracking in line with to slightly below store expectations and normal seasonal trends, with pockets of softness. Demand for the iPhone 15 Pro/Max remained relatively resilient, but the base models were still soft. KeyBanc’s Key First Look Data results also reflect softer iPhone demand in the U.S. Coming off below-average results in March, these results are modestly disappointing, says the firm. It thinks Apple’s guide implies iPhone is down mid-single-digit, and new product introductions in Mac and iPad helped save the guidance. KeyBanc views its April carrier survey and KFL results as negative for the Apple supply chain, namely Broadcom (AVGO), Cirrus Logic (CRUS), Qualcomm (QCOM), Qorvo (QRVO), and Skyworks (SWKS).