Apple (AAPL) iPhone 6S Pre-Order Update Suggests Units Could Be Up YoY in December Qtr, Wells Fargo Says

Wells Fargo analyst Maynard Um weighed in on Apple (NASDAQ: AAPL) amid 'exceptionally strong' initial orders for the iPhone 6S/6S Plus with a record number of first day pre-orders, suggesting more than four million units.

Um notes CNBC also reports that Apple indicated it was on track to exceed the prior year's first weekend sales of 10MM+ units.

Um highlighted that their on-line checks on Saturday showed the larger 6S Plus reaching extended ship times much more quickly on the first day of preorders versus the 6S, suggesting a strong mix to the higher ASP iPhone. Re/code also reported that ship times for the 6S Plus in China were in the 3-4 weeks range, suggesting strong demand in the region (an area of investor concern given macro issues).

"With Apple indicating more carrier launches by year end versus last year, we believe it is possible units could be up year over year in the December quarter," Um said. "We also believe ASPs should remain strong (if not stronger) on iPhone 6S Plus mix."

The firm maintained an Outperform rating and $125-$135 valuation range on the stock, citing low expectations and favorable risk/reward.

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 $114.21 yesterday.

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