Apple (AAPL) Survey Shows High Demand for 5G Devices - RBC Capital

RBC Capital analyst Robert Muller reiterated an Outperform rating and $132.00 price target on Apple (NASDAQ: AAPL) on the belief that the new cycle is promising after surveying over 800 Apple and Android users in the U.S. regarding their device usage and buying intentions. Survey data showed 29% of iPhone users are considering a 5G-version purchase, with the base 12 model seeing the most interest. The Pro/Pro Max versions appear to be fairing well, with 14% of iPhone users considering a purchase of the $999 and higher versions.

The analyst stated "Our survey suggests that the trend of owning phones for longer periods may be reversing. A solid 36% of iPhone customers are part of an upgrade program with
an additional 25% considering such a program. In addition, the average iPhone customer expects to replace her phone after 2.5 years. 69% of iPhone users report having phones less than 24 months old, and only 16% have phones greater than 3 years old".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $114.13 yesterday.

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