Apple stock gains after KeyBanc says iPhone inventory levels have 'normalized'

Shares of Apple Inc. AAPL, +0.12% are up 0.3% in Tuesday morning trading after KeyBanc Capital Markets analyst John Vinh said that iPhone inventory levels “have normalized” ahead of iPhone launch season later this year. “We would also highlight that current inventory levels are consistent with healthy levels observed in past cycles, which incrementally leaves us more constructive ahead of the 2H ramp of the new iPhone 9 cycle,” Vihn wrote. He added that Samsung Galaxy S9 sell-through “continues to deteriorate.” Vinh recommended that investors “continue to own” shares of Apple suppliers Broadcom Inc. AVGO, -0.56% Skyworks Solutions Inc. SWKS, +0.87% and Synaptics Inc. SYNA, -4.17% heading into the launch of the next iPhone. Apple shares are up 32% over the past 12 months, while the Dow Jones Industrial Average DJIA, +0.00% has gained 19%.

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