A Wall Street analyst on Wednesday threw cold water on reports of early strong demand for Apple's iPhone 15 smartphones. Apple stock fell after the analyst's negative report.
UBS analyst David Vogt said his firm's data indicates initial demand for Apple's high-end "Pro" handsets is actually softer relative to last year's models.
Preorders for all four iPhone 15 models began last Friday with availability starting this Friday. The Cupertino, Calif.-based company introduced its 17th-generation smartphones at a media event on Sept. 12, along with its Apple Watch Series 9 smartwatches.
After a weekend of preorders, several Apple stock analysts said they believed iPhone 15 sales were off to a strong start. They noted extended delivery times for many premium versions as an indicator.
UBS data tracking iPhone availability across 30 countries "indicates initial demand for the iPhone 15 is mixed at best," Vogt said in a note to clients.
Apple Stock Has Terrible Accumulation/Distribution Rating
Vogt reiterated his neutral rating on Apple stock with a 12-month price target of 190.
On the stock market today, Apple stock slid 2% to close at 175.49.
Still, Apple stock is in a flat base with a buy point of 198.32, according to IBD MarketSmith charts. However, Apple shares have a worst-possible Accumulation/Distribution Rating of E. That indicates heavy selling by institutional investors.
Vogt predicted that the Pro and Pro Max models will account for 63% of iPhone 15 sales in the second half of 2023. That's on par with the iPhone 14 series last year, he said.
But the new Pro models aren't goosing Apple's sales this year, Vogt said.
"At the high-end, delivery wait times for the Pro variant across major markets are lower by roughly a week relative to last year including the U.S., Germany, Great Britain, and France," Vogt said.
Demand for the iPhone 15 Pro models in the U.S. varies, he said. Wait times for the Pro variant are just 24 days compared with 32 days last year. But wait times for the top-of-the-line Pro Max are 40 days compared with 39 days last year, Vogt said.
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