Another year, another Apple Inc (NASDAQ:AAPL) product launch, and this time round it’s the death of the lightning cable which appears to be driving the cheers from the tech giant’s die-hard enthusiasts.
Neil Wilson, chief market analyst at Markets.com, summed up the launch: “Apple was a bit of a nothing-burger... pricing power is ok, ecosystem still super strong... people will upgrade but nothing we didn’t know already.”
Around 250 million iPhone users haven’t upgraded their models in more than four years -maybe something to do with the £799 average price tags - and for most consumers, the now-annual mobile release means very little in terms of changes to everyday life.
iPhone 15 Source The Guardian
Boasting lighter and more powerful processing power and cameras, the real wonder from Apple’s 'Wonderlust' event may have been management wondering how it could make the addition of ‘Dynamic Screens’, which already existed on iPhone 14 Pros, sound interesting.
“Apple’s iPhone event last night failed to muster any excitement,” analysts in the US said, pointing out that Wednesday’s inflation report is more likely to influence the market than a new product from the world’s largest company.
In the UK, Apple fanboys will have something to celebrate, getting the iPhone 15 Pro for £100 less than last year's version, although buyers will have to bear in mind the new model will still cost upwards of £999.
Announcing two new models of the Apple Watch, a base model at £399 and a luxury version at £799, the world’s largest company also killed off its mini mobiles, quietly removing the iPhone 13 mini, the last of the smaller-sized phone, from its product line.
Sustainability also got its moment in the limelight, with Apple confirming it would be removing leather from all its accessories in order to help it achieve its 2030 net zero goals.
Is Apple still a buy?
Apple IPO in 1980 Source The Street
Shares in Apple fell by over 1.7% on Tuesday, after “Apple’s new iPhone 15 failed to spark buying interest for the heavily battered stock”, according to analyst Ipek Ozkardeskaya.
Analysts at Wedbush, who rate the stock an ‘outperform’, remain confident Apple still has space to grow, bumping up its share price target to US$240 – which represents a 37% premium to the US$176 current trading price.
“Apple's iPhone 15 launch event was overall an impressive event which in our opinion lays the groundwork for a major upgrade cycle over the next year that will surprise the Street to the upside,” the tech analysts added.