Apple’s latest release, the iPhone 15, has had a mixed response from consumers, resulting in a drop in the company’s share price. However, despite the lukewarm reception, initial pre-orders data reveals that the iPhone 15 is actually performing better than anticipated. Compared to its predecessor, the iPhone 14, pre-orders for the iPhone 15 have seen an increase of approximately 10%-12%.
What’s particularly encouraging for Apple is the strong pre-order numbers for the iPhone 15 Pro/Pro Max models in key markets such as the US, China, India, and parts of Europe. This surge in pre-orders is expected to boost Apple’s Average Selling Price (ASP) by around $100 compared to last year.
Many analysts believe that the star of this iPhone 15 cycle will be the iPhone 15 Max, with particularly strong pre-orders in India and China. Supply checks in Asia indicate that there will be an estimated 85-90 million iPhone 15 units available at the time of launch. Additionally, carrier promotions during the holiday season are expected to further drive upgrades and sales.
One analyst, Dan Ives from Wedbush, maintains an Outperform rating for Apple and has set a price target of $240, suggesting a potential upside of 37%. Overall, analysts’ consensus on Apple is mostly positive, with 22 Buys and 8 Holds on the stock. The average target price indicates an 18% premium.
While the initial pre-order data is encouraging, it’s important for investors to conduct their own analysis and make informed decisions. The opinions expressed in this article are solely those of the featured analysts and should not be the sole basis for investment decisions. Nonetheless, Apple’s strong pre-orders for the iPhone 15 indicate the potential for a turnaround after the initial lukewarm reception.
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