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Apple
Apple
Shares may fall due to disappointing sales of its latest iPhones, Rosenblatt Securities said Monday.
Apple's shares (ticker: AAPL) have risen nearly 40% this year as investors anticipate increasing profitability due to the company's strategic shift towards services.
Last Tuesday, Apple announced details of its upcoming Apple TV + video services and Apple Arcade games.
The company also unveiled the iPhone 11, the iPhone 11 Pro and the iPhone 11 Pro Max. These new phone models feature faster processors, improved camera quality and longer battery life. The new iPhones are available for pre-order last Friday and will be available for sale in stores on September 20th.
Rosenblatt Securities analyst Jun Zhang on Monday reiterated his sales note for Apple's shares, citing weak pre-order data based on his analysis of wait times and checks with retailers.
Zhang estimated that weekend pre-orders were about 20% lower for the iPhone 11 Pro / Max and 15% lower for the iPhone 11, compared with comparable models in the UK. Last year. Other analysts have written that sales were on a "good start".
Apple's shares rose 0.2% to $ 219.17 on Monday, while the Dow Jones industrial average lost 0.5%. The company did not immediately respond to a request for comment on the report.
Zhang reaffirmed his forecast of $ 150 for Apple's action, about 30% less than the recent price. Investors hope that Apple will be able to compensate for the disappointments of the iPhone with the improvement of its services business. But that could be a difficult task, as Barron recently wrote.
Write to Tae Kim at [email protected]
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