Citing recent checks, Nomura continues to believe Apple’s (NASDAQ:AAPL) iPhone 12 “is running four to six weeks behind plan.”

Jeffrey Kvaal thinks Apple has cut its Q3 iPhone 11 SE orders from around 46M to near Nomura’s 37M estimate.

The analyst says the move modestly reduces Apple’s CY20 build plans and provides “wiggle room” should the 5G models run behind schedule.

It usually takes a

Nomura maintains a Neutral rating and $240 price target on Apple.

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