Apple (AAPL): iPhone7 Survey Supports Munster's Bullish Expectations - Piper Jaffray
- Wall Street rallies, capping frenetic week with best day of the year
- Apple (AAPL) Stock Soars on Another Robust Quarter Fueled by Monster iPhone and Services Numbers, Analysts Raise PTs
- BofA Raises Inflation Forecasts for 2022, Expects Fed to Hike 7 Times in 2022
- Netflix (NFLX) CEO Hastings Buys ~$20 Million in Stock Following Sell-Off, Ackman's Big Bet
- Oil hits 7-year peak on political risks, supply crunch
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Piper Jaffray analyst, Gene Munster, reiterated his Overweight rating on shares of Apple (NASDAQ: AAPL) after conducting a survey of 400 US iPhone owners regarding the iPhone 7 launch. There were two core takeaways: 1) early expected demand was largely in line with the analyst's bullish expectations of 15% of owners expecting to upgrade in the fall and 29% maybe to upgrade, 2) 67.5% of iPhone owners in the US own an iPhone 6/6 Plus or older device, meaning they would fall in the typical two-year carrier upgrade window.
Of the iPhone owners surveyed, 14.8% currently plan to upgrade to the iPhone 7 in the fall, while 29% may upgrade to the new device. The analyst views this as in-line with his expectations since we are still over two months away from the official launch and most consumers are not tuned into the Apple rumor cycle. He expects the percentage of consumers that plan to upgrade to the iPhone 7 to increase following the announcement.
Since 67.3% of iPhone owners in the US have an iPhone 6/6 Plus or older, they would fall into the typical carrier upgrade window during the iPhone 7 cycle. He believes this demonstrates a large upgrade base available to move to the iPhone 7.
The analyst remains comfortable that the iPhone 7 cycle will be flattish from the iPhone 6 cycle two years ago, which would imply 12% y/y growth off of the iPhone 6S.
No change to the price target of $153.
Shares of Apple closed at $96.68 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Active options: AAPL TSLA HOOD NVDA AMD F NIO MSFT LCID AMC FB UBER SOFI
- Informa Plc (INF:LN) (IFJPY) PT Raised to GBP6.65 at Barclays
- ProsiebenSat.1 Media SE (PSM:GR) (PBSFY) PT Lowered to EUR16 at Barclays
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesPiper Jaffray, Gene Munster
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!