Apple, Inc.’s AAPL iPhone 14, launched this week, could be a hit with customers, an analyst at Wedbush said, citing preorder trends.
Preorders for the newest iPhone iterations kick-started Friday.
Delivery times are already pushed out to mid-October for many Pro models, analyst Daniel Ives said in a note. Lead times are now about 3-4 weeks and are pushing out further, he added.
“So far demand and orders for iPhone 14 are tracking slightly ahead of iPhone 13 and are tracking ahead of our expectations out of the gates,” the analyst said.
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Ives noted that the mix is shifting toward Pro/Pro Max to the tune of 80-90%, boding well for the average selling price. The heavy Pro/Pro Max is likely to continue, swayed by Chinese customers gravitating toward these models, he added.
At this rate, the analyst sees the potential of more Apple stores having Pro shortages by late September/early October.
Ives has an Outperform rating and $220 price target for Apple shares.
The stock closed Friday’s session 1.88% higher at $157.37, according to Benzinga Pro data.
Photo: Courtesy of apple.com
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