Cowen Says Apple (AAPL) iPhone Leads Times up Markedly Ahead of iPhone 7/7+ Launch

September 15, 2016 7:54 AM EDT
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Cowen and Company offered commentary on Apple (Nasdaq: AAPL) following the company's iPhone 7/7+ update issued late Wednesday. The firm maintains an Outperform rating and $125 price target on Apple.

Analyst Tim Arcuri commented:

With iPhone deliveries starting Friday, we summarize the changes in lead times since pre-orders started a week ago on 9/9. Lead times are up virtually across the board, but we summarize key findings by SKU.

  • By model, iPhone 7+ lead times are up materially more than iPhone 7 (except in China, where iPhone 7+ lead times have actually come in). The relative popularity of iPhone 7+ in the US is seen by lead times lengthening by ~2weeks versus about a week for iPhone 7. Globally, lead times are up ~7-10 days for both iPhone 7/7+ although, as we noted, iPhone 7+ supply seems to exceed demand in China.
  • By memory configuration, lead times for the 32GB SKUs are up the most - in the US, nearly a week (on average) for iPhone 7 and ~2 weeks for iPhone 7+. Globally, lead times for 32GB have increased about 7-10 days for both iPhone 7 and 7+. We also note that 128GB lead times have lengthened considerably in the US for iPhone 7+.
  • By color, jet black lead times have increased the most with lead times lengthening by a whopping ~3weeks in the US (only 128GB and 256GB versions). Overall lead times globally also remain the longest for the jet black SKUs.

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