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."

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 $165.63 yesterday.

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