Apple's (AAPL) place as the dominant device brand among teens remains well intact - Piper Sandler

Piper Sandler analyst Harsh Kumar reiterated an Overweight rating and $195.00 price target on Apple (NASDAQ: AAPL).

"Apple's share of smartphone ownership remains near record highs in Piper Sandler's Taking Stock with Teens Spring 2023 survey. Of the ~5,700 respondents, 87% have an iPhone, which is slightly below the 88% record set in the Spring 2021 survey. In addition, the iPhone could return to record highs due to the 88% purchase intention among teens. We note over 25% of teens plan to upgrade to an iPhone 14 this Spring/Summer. This is slightly ahead of the 24% purchase intention for the iPhone 14 last fall. Apple's other hardware metrics also showed strong results, with more than 35% of teens already owning an Apple Watch and 73% owning AirPods, both new records. Overall, we view the survey results as a sign that Apple's place as the dominant device brand among teens remains well intact."

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Shares of Apple closed at $165.63 yesterday.

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