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LG Innotek stock soars on strong iPhone 15 sales

Collected: 2023.11.09

Distributed: 2023.11.10

Source: Go Direct

Headquarters / Magok R&D Campus [Courtesy of LG Innotek]

Shares of LG Innotek Co., one of the major component suppliers for Apple Inc., gained on Thursday on the back of robust sales of iPhone 15.

Shares of LG Innotek were trading 4.32 percent higher at 241,500 won ($184) on Thursday morning.

Analysts noted that investor confidence in the company has risen, fueled by expectations that the annual production of iPhone 15 may surpass its predecessor.

“Despite initial concerns about supply disruptions surrounding Apple’s iPhone 15 series, including China’s iPhone ban and performance issues, the flagship series is performing well in terms of sales, and production plans are improving following supply chain monitoring,” said Kim Ji-san, an analyst at Kiwoom Securities Co.

Kim predicted that LG Innotek’s earnings in the fourth quarter will align with the market consensus, reaching a record high of 530.3 billion won.

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