Source: Zhitong Finance
J.P. Morgan starts right$Apple (AAPL.US)$There are concerns about demand for high-end iPhone 15 models. Analyst Samik Chatterjee pointed out on Sunday that delivery times for Apple's iPhone 15 Pro and 15 Pro Max are being rapidly shortened, indicating that overall demand may not be as strong as last year's iPhone models.
He wrote in a report, “Compared to previous sales, the iPhone 15 series may have a weaker sales mix, with a larger percentage of sales volume allocated to lower-end models.” Chatterjee believes this has increased “demand concerns.”
Delivery time is seen as an indicator of demand. The stronger the demand for high-end, expensive phones, the better for investors, as these devices offer higher profit margins.
Chatterjee pointed out that data for the fourth week after the iPhone 15 was released showed that after tracking global delivery and pickup information, the delivery time for the high-end iPhone 15 model dropped from 37 days in the previous week to 32 days. The corresponding period for the high-end iPhone 14 model is 36 days. The delivery time for the low-end iPhone 15 model dropped from 17 days the previous week to 15 days.
The starting prices of the iPhone 15 and 15 Plus are $799 and $899, respectively. They include the A16 bionic chip from last year's Pro model and come with a slightly better camera. The starting prices of the iPhone 15 Pro and 15 Pro Max are $999 and $1,199 respectively. They are equipped with a new A17 Pro processor, action buttons to replace the mute switch, and a titanium case.
Chatterjee wrote, “The decline in delivery times over the past week, and the sharp drop in the previous week, further confirm that delivery times for high-end iPhone 15 models may be extended immediately due to early order momentum and/or supply availability after launch.”
Chatterjee gave Apple a stock “gain” rating and a price target of $230, and he didn't change his rating or forecast. Since this year, Apple's stock has risen 36%, surpassing the increase in the Nasdaq Composite Index. By Monday's close, Apple had risen 0.85% to $178.99.
Editor/jayden