Preorders for all four new Apple Inc (NASDAQ:AAPL) iPhone 15 models began Friday, and so far the volume has impressed analysts at Wedbush.
iPhone 15 preorders “are tracking much stronger than we and the Street expected and up roughly 10%-12% from iPhone 14 based on our analysis,” the analysts wrote. “The mix is heavily skewed towards iPhone 15 Pro/Pro Max with Pro Max exceptionally strong in the US, China, India, and parts of Europe.”
That’s a big win for Apple, the analysts argued, noting that they expect the shift towards Pro models to push the average sale price to roughly $925.
“iPhone 15 Max looks like a clear standout on this cycle,” the analysts wrote. “In India we believe pre-orders are up close to 25% YoY and also looking strong out of the gates importantly in China which remains front and center for the Street given recent noise coming out of the region.
The iPhone 15 is set to go on sale in-store on September 22, and Wedbush notes that Apple is expecting a huge chunk of users to spring for an upgrade.
“Apple anticipates for this next iPhone release with our estimates that ~250 million+ of 1.2 billion iPhone users worldwide have not upgraded their phones in over 4 years,” the analysts noted.
Given all that optimism, Wedbush reiterated its Outperform rating and $240 price target. Shares of Apple traded 1.6% higher Monday morning at $177.81.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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