Apple (AAPL): Piper Sandler Survey Shows Only 10% Will Upgrade to 5G iPhone This Fall/Winter

Piper Sandler analyst Harsh Kumar highlighted that a survey of 1,000 Americans points to lower than expected demand for Apple's (NASDAQ: AAPL) 5G iPhone this fall and winter.

Kumar notes the survey showed that just 10% of respondents expect to buy/upgrade to a new 5G iPhone this fall/winter. In addition, only 10% of current iPhone owners expect to upgrade their device.

"The results are lower than we expected ahead of the major product announcement expected at today's Apple Event and also lower than a prior survey suggesting 23% of current iPhone owners would buy a $1,200 5G iPhone," Kumar commented. "Our survey also points to the average age of an iPhone currently being ~2.3 years old. In addition, respondents expect the mid-end 5G iPhone to be ~$1,015. Finally, we believe respondents are interested in purchasing new Apple Watches and iPads, but budgetary constraints (similar to trends in PSC's recent teen survey) could hinder purchasing."

The firm reiterated an Overweight rating and $130.00 price target on AAPL.

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 $126.33 yesterday.

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