Slowing sales growth from tech suppliers in Taiwan could be bad news for Apple 's upcoming earnings report, according to Barclays. Analyst Tim Long warned in a note to clients Sunday that data from supply chain companies pointed to a weak third-quarter result for the tech giant. Several suppliers showed below-trend revenue growth for the quarter ended in September, Barclays said. "With below seasonal sales in July and August offsetting stronger September, we think the Taiwanese supply chain data implies slightly weaker hardware revenues for AAPL in the September quarter and in-line outlook for the December quarter," the note said. Covid-19 has continued to hurt global supply chains, leading to a shortage of crucial semiconductors and components needed by tech companies. This potential weakness also comes after Apple unveiled the iPhone 13 in September. The newest model is seen as a more incremental model to the iPhone 12. The popularity of the iPhone 12 could also explain relatively weak performance for Apple in the medium term, Barclays said. "We had expected the strong iP12 cycle to benefit 1H21 with resilient iP12 volumes. We have seen this trend before with AAPL, and believe the next two cycles may prove challenging with units potentially down [low single digits] Y/Y in FY22 and FY23, similar to iPhone unit declines in FY16 (iP 6S) and FY19 (iP XS). An evolutionary iP13 could potentially lead to a longer replacement cycle," the note said. Barclays has a neutral rating and a $142 per share price target for Apple. The stock closed at $142.90 on Friday. -- CNBC's Michael Bloom contributed to this report.
Customers inside an Apple store in New York, Sept. 24, 2021.
Jeenah Moon | Bloomberg | Getty Images
Slowing sales growth from tech suppliers in Taiwan could be bad news for Apple's upcoming earnings report, according to Barclays.