Apple (AAPL) iPhone 7 Pre-Orders Weaker than iPhone 6S, But iPhone 7 Plus Stronger - Rosenblatt
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Rosenblatt analyst Jun Zhang offered comments on initial market reaction to the iPhone 7. Zhang noted iPhone 7/7P jet black pre-orders are stronger than other models. Overall, they believe total iPhone 7/7P initial pre-orders should be similar to the iPhone 6S considering the early launch in China and the US. iPhone 7 pre-orders are overall weaker than the iPhone 6S, whereas iPhone 7 Plus pre-orders are overall stronger than iPhone 6S Plus.
Zhang said the four factors they will be watching closely over the next few weeks. It is their view that Apple would normally make production and component order changes in the 1st half of October based on initial sell-through.
1) Changes in delivery time
2) Changes in OEM shipment schedules
3) Changes in production
4) Changes in component orders
Further, the analyst said it seems that Chinese operators are less enthusiastic about the iPhone 7, and they think three Chinese operators only prepared 1.5M iPhone 7 units for the launch, compared with 1.8-2M iPhone 6S units last year. Over the last three days, the data shows that pre-order volumes from three Chinese operators are less than the iPhone 6S last year. The pre-registration volume on China Mobile’s (CHL:NR) website is below 100K, which is the first time they saw iPhone pre-registraion below 1M units after Chinese operators opened up preregistration.
The firm maintained a Neutral rating and $102 price target on Apple (NASDAQ: AAPL).
Shares of Apple closed at $103.13 yesterday.
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