Wall Street analyst Brian White is predicting Apple’s upcoming iPhone 14 launch will confront weak consumer spending this fall. Just today, White had lowered his price target on Apple stock, dropping 1.9%.

With a weaker economy and inflationary forces eating into budgets, consumers may be more apprehensive about buying Apple’s upcoming iPhone innovation in the fall, possibly waiting until this economic inferno has passed before making such a purchase, White said in a note to clients.

However, the company has been performing well as of late, despite White’s predictions. According to Investor’s Business Daily, Apple stock has been consolidating for 27 weeks at a buy point of $183.04. That buy point is 10 cents higher than the all-time high reached on January 4.

Apple’s portfolio has never been stronger and its platform more ubiquitous; however, the economy appears to be in a recession, regulatory headwinds persist, equity markets are in turmoil, and the geopolitical landscape is daunting, White said.

It’s also been reported that Apple had to cut iPhone 14 orders for the fall by 10% due to issues with its chip supplier, TSMC. However, Apple Analyst Ming-Chi Kuo believes otherwise and has even predicted that demand in China will be stronger than ever.

About the iPhone 14

The iPhone 14 will debut this fall with four models in the lineup, the 14, 14 Pro, 14 Max, and 14 Pro Max. The device will be redesigned, featuring a hole and pill-shaped cutout instead of a notch and a larger camera bump. Learn more about what to expect for the iPhone 14:

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