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Analyst defends Apple, says iPhone X order cut reports are incorrect

Apple iPhone X sellings are solid despite recent negative media reports to the contrary, concerting to one Wall Street firm.

Rosenblatt Securities reiterated its buy rating and $180 cost target on Apple shares, predicting solid iPhone X sales for the December rooms.

Apple shares closed down 2.5 percent Tuesday, a day after Taiwan’s Commercial Daily reported the tech giant will cut its forecast for the iPhone X, citing nameless sources.

“Our research indicates no further order cuts after the break season. Taiwanese media reports and estimate cuts could be confounding the market as we believe they are referring to previously mentioned iPhone 8/8 Supplementary production cuts with an iPhone X production ramp in December,” analyst Jun Zhang wrote in a note to customers Tuesday.

“We believe iPhone X sales were stable in the North American hawk through-out the holiday season and has likely seen an acceleration in China’s customer base over the last two weeks.”

The analyst noted how the firm doesn’t see any improper cuts at 3-D sensing and OLED display panel suppliers. Both components are hand-me-down inside the iPhone X. He also said checks with Chinese friends reveal iPhone X sales are already above iPhone 8 and 8 Plus sales fused.

Apple is one of the market’s best-performing large-cap stocks so far this year. Its apportions rallied 51 percent through Friday versus the S&P 500’s 20 percent progress.

Apple did not immediately respond to CNBC’s request for comment on the Economic Always report.

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