Investment firm Wedbush reported that demand at Apple stores on the day the iPhone 15 was launched was consistent with higher-than-expected pre-orders for the series. Wedbush previously reported that overall pre-orders for the iPhone 15 series are expected to be 10%-12% higher than expected. Now, in a new note to investors, Wedbush says first-day sales at Apple stores appear to be about as expected.
access:
Apple Online Store (China)
"With long lines already forming in China, Europe and the U.S., retail enthusiasm for the new generation of smartphones in Cupertino is consistent with the pre-orders we're tracking online," the analysts wrote. "By far the biggest focus among shoppers at the Midtown Apple store has been the Pro Max, as we believe iPhone 15 Pro Max scarcity is starting to build across the supply chain. The iPhone 15 Max looks to be the clear standout in this cycle."
Much of the note to investors repeated what was said about pre-sales, but Wedbush did note that "iPhone 15 pre-sales continue to be much better than we and the market initially expected, approximately 10%-12% higher than iPhone 14, based on our analysis."
Wedbush said: "To take a step back, this is all pent-up demand. We estimate that 250 million iPhones have not been upgraded in more than 4 years. Massive discounts from carriers and the camera technology/chip of iPhone15Pro/Max [are] catalyzing consumer upgrades."
The investment firm reiterated its estimate that Apple will sell about 225 million iPhones in fiscal 2024. Wedbush kept its price target unchanged, raising it to $240 after the "impressive" iPhone 15 launch.