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The iPhone 12 and iPhone 12 Pro started selling on October 20. The iPhone 12 Mini and iPhone 12 Pro Max hit the market on November 13.
Courtesy of Apple
A month later
Apple
presented the first two models of its iPhone 12, two analysts remain on the sidelines.
UBS analyst David Vogt maintained a neutral rating on Apple stock (ticker: AAPL), with a price target of $ 115. In a Monday note, he said that a UBS Evidence Lab survey of 7,000 smartphone users in the United States, the United Kingdom, China, Germany and Japan showed the intention to purchase a iPhone in the next 12 months was higher. He estimates fiscal 2021 iPhone sales at 210 million units, but believes around 230 million units are in inventory.
“The intention to purchase is similar to the iPhone X launch in 2017, the most recent comparable launch of a ‘supercycle’ iPhone,” he writes. “While the survey data is positive for demand, we believe the positive shift is already captured in investor sentiment and long-side expectations.”
Credit Suisse analyst Matthew Cabral maintained a neutral rating on Friday with a price target of $ 106. He noted that wait times to buy an Apple iPhone online – which he views as a proxy for initial demand – show wait times for the iPhone 12 Pro and Pro Max are expanding. , while wait times for the iPhone 12 Mini are well under a week. The iPhone 12 and iPhone 12 Pro started selling on October 20. The iPhone 12 Mini and iPhone 12 Pro Max hit the market on November 13.
Cabral said such trends support his view that this generation will have a stronger high-end mix, which will push the average selling price higher. But that contrasts with the potentially lower sales on the lower-end iPhone 12 and iPhone 12 Mini. He said a factor to watch out for is potential supply constraints.
Besides iPhones, Vogt notes that investors will focus on growing services in fiscal 2021. Last week, Apple announced an App Store program to halve its commission for companies that make $ 1 million. or less sales on the platform.
“Although Apple recently announced a symbolic commission reduction in our opinion for small businesses, investors should be hyper-focused on the European Commission investigation into Apple’s business practices and the integrated purchasing system.” , he wrote. “Although purchase intent for iPhones was slightly higher in recent survey data, any further incremental changes to the App Store’s commission structure could partially offset the iPhone’s rise while by having a negative impact on sentiment. “
Apple stock fell 2.5% to $ 114.46 around noon Monday, while
S&P 500
the index increased by less than 0.1%.
Write to Connor Smith at [email protected]
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