Wedbush analyst Daniel Ives told investors in a research note on Friday that he has witnessed shortages in several Apple stores and expects the company to sell over 10 million iPhones over the Black Friday weekend.
On Friday, Apple's stock dropped 3%.
According to Ives, the iPhone 13 in Sierra Blue and Gold are the most popular versions, with Apple expecting to sell around 40 million iPhones between Black Friday and Christmas.
If his forecasts are true, it will be a record holiday season, despite the global chip bottleneck affecting iPhone supply, according to Ives. He also stated that he is optimistic about Apple's fiscal Q1 results.
The analyst maintained an outperform rating on the company and a $185 price target. Apple's stock, meanwhile, is down approximately 2.75% on Friday, in line with the rest of the market.
In other Apple news, TFI Asset Management analyst Ming-Chi Kuo expects the company would release a new augmented reality headgear in the fourth quarter of next year.