Apple stock jumped as important as 2% on Monday after reports from Wall Street suggested that the iPhone 15 is seeing strong demand from consumers. The iPhone 15 was unveiled last week andpre-orders for the phone started on Friday.
The new iPhone 15 is set to go on trade at Apple’s physical retail stores this Friday. According to Wedbush critic Dan Ives, pre-orders for the iPhone 15 are over between 10 and 12 time-over-year when compared to the original pre-orders for the iPhone 14 lineup.
” Delivery/ payload times now have moved to late October to early November for colorful models of iPhone 15 Pro/ Pro Max,” Ives said in a Monday note. Outside of the US, Ives noted iPhone 15 pre-order strength in India, China, and the corridor of Europe.
Goldman Sachs said in a Monday note that e-commerce fulfillment dates are” snappily moving” from the launch date on Friday to in excess of eight weeks for select phones and regions,” suggesting that demand is outpacing force.” ” We view the extended lead times for the iPhone 15 Pro and iPhone 15 Pro Max as a positive suggestion of consumer demand and for adding price/ blend,”
Goldman Sachs said, adding that the iPhone 15 in the color pink is also seeing strong demand. The strong pre-orders, combined with internal checks with Apple’s force chain and strong elevations from wireless carriers like Verizon and AT&T, give Ives confidence that Apple will originally vend between 85 million and 90 million units of the iPhone 15. According to Ives, much of the demand for the iPhone 15 lineup is towards the more precious Pro and Pro Max models, which should help boost Apple’s average selling price of the iPhone by$ 100 to about$ 925.
” We believe iPhone units should level out in the 225 million unit range in FY24 and a rising average selling price which is being undervalued by the Street as Cupertino has a massive pent- up installed base upgrade cycle now afoot,” Ives said.
After Apple’s stock price snappily surged2.3 in early Monday trades, but it pruned its gain to just over 1. Goldman Sachs and Wedbush rate Apple at” Buy” and” Outperform” with a$ 216 and$ 240 price target, independently.
Source: BI
