Apple (AAPL) Shines in Latest Teen Survey
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Rating Summary:
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Up: 13 | Down: 10 | New: 10
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Apple (NASDAQ: AAPL) continued to shine in Piper Sandler's 41st semi-annual Taking Stock With Teens Survey.
Results showed that both the 88% iPhone ownership and 90% intention to purchase an iPhone metrics are record highs for the survey, up from 85% and 88%, respectively, in Spring-20.
"We believe the increased penetration and intention are important for a maturing premium smartphone market," analyst Harsh Kumar stated. "In addition, these trends are encouraging as the company continues to introduce new 5G iPhones, which could provide a significant product cycle refresh. We think these positive trends can be a catalyst for further services growth, as the install base for Apple grows."
Further, teen smart watch ownership was up to34% from 31% in Spring 2020. Apple Watch ownership was up to 28% from 25% last Spring. Apple Watch buying intent was down slightly, with 13% planning to buy in the next 6 months vs. 17% in the Spring-20 survey.
On payments, cash is still king for teens as top payment method followed by Apple Pay. Venmo is the most used payment app.
Kumar has an Overweight rating and a $160 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 $126.21 yesterday.
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