Wedbush analyst Dan Ives said Friday he estimates that Apple Inc. /zigman2/quotes/202934861/composite AAPL -0.06% is on pace to sell more than 10 million iPhones over the Black Friday weekend, setting it up to sell about 40 million units between now and Christmas. That's despite the global chip shortage that is impacting supply, Ives wrote in a note to clients. "We are seeing shortages in many Apple stores with iPhone 13 Pro (Sierra Blue and Gold the most popular), as we estimate right now demand is outstripping supply for overall iPhone 13 units globally by roughly 15% heading into this holiday season," the analyst wrote. "Despite the chip shortage and Rubik's Cube logistics that Apple (and every other technology, auto, and retail vendor) is dealing with we are seeing tremendous demand trends both in the US and China for iPhone 13 which is a positive sign that Apple could exceed selling 80 million iPhone units in the quarter with stronger Pro versions driving higher ASPs." In China alone, Ives estimates there are about 15 million iPhone 13 upgrades due for the December quarter, as the region continues to be a major source of strength to Apple heading into 2022. Ives is sticking with his outperform rating on the stock and $185 price target. Shares were down 1.5% in a falling market, but are up 18.5% in the year to date, while the Dow Jones Industrial Average has gained 14%.