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Apple (AAPL): 10 Million Weekend iPhone Sales Seen as 'Big Print' Given Supply Constraints, Says Cantor

September 22, 2014 9:44 AM EDT
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Apple (NASDAQ: AAPL) today said first weekend iPhone 6/6+ sales topped 10 million units. In the view of Cantor Fitzgerald analyst Brian J. White, this was a big print for Apple and shows that the company is executing well despite supply constraints.

"Apple's unit sales of over 10 million for the new iPhone 6 and iPhone 6 Plus over the weekend are up over 11% from last year's over 9 million unit sales during the opening weekend, reaching a new record for Apple. At the same time, this print is within the range of our estimate of 9.5 million to 10.5 million. In our view, this is a very big print for Apple given the supply constraints and that the company did not have the benefit of China this year," said White.

"Our research over the weekend indicated the iPhone 6 Plus (5.5- inch) had completely sold out by Sunday evening at the U.S. stores that we surveyed, while 48% of the iPhone 6 (4.7-inch) models were out of stock. Despite these supply constraints, Apple managed to deliver another record opening weekend," he added.

Cantor Fitzgerald has a Buy rating on Apple with a price target of $123.

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 $100.96 yesterday.



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