Apple shares have drifted following the release of the iPhone 15 as analysts have been skeptical about whether it will drive a sales boost. However, new data could change the narrative.
The beginning of preorders for the iPhone 15 brings good news for
Apple
(ticker: AAPL), according to Wedbush’s Daniel Ives. He wrote in a research note that preorders as of Sunday were up between 10% and 12% from the same period for the iPhone 14, based on Wedbush’s analysis. The smartphone is set to go on sale in stores from this Friday.
“Our Asia supply-chain checks this weekend give us increased confidence that iPhone units should be roughly 85 million units out of the gates and could be close to 90 million as eye-popping carrier promotions already under way will be a major catalyst for upgrades into [the] holiday season,” Ives wrote.
Apple shares could do with the boost. They were down 0.2% in premarket trading at $174.69. The stock has drifted from highs of around $195 in late July, partly hit by concerns over a ban on iPhone use by Chinese government officials,
There’s further good news in the early iPhone 15 data according to Ives—preorders have been skewed toward the more expensive Pro and Pro Max models. Wedbush is forecasting Apple will achieve an average selling price of around $925 for the iPhone 15, up by around $100 over iPhone sales in the past 12 to 15 months.
The popularity of the pricier models is backed up by some publicly available data, as Apple has pushed back iPhone 15 Pro Max delivery dates to November in some countries, including the U.S.
“While I am not a big fan of the long set-up in Apple near term, I also would be careful on [the] short side given these pending iPhone 15 data points,” wrote Mizuho analyst Jordan Klein in a research note on Monday.
Write to Adam Clark at [email protected]
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