Pre-Orders of Latest Apple (AAPL) iPhone Look Strong, Especially China - FBR Capital
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FBR Capital analyst Daniel Ives weighed in on pre-orders of Apple's (NASDAQ: AAPL) new iPhone 6s/6s Plus which kicked off this weekend ahead of the September 25 launch.
Ives said most importantly in their view is that the wait time of iPhone 6s Plus in China is already running three to four weeks, and two to three weeks for the 6s.
The U.S. and U.K. also looked strong on initial pre-order data, showing wait times of roughly three to four weeks for 6s Plus with shorter wait times for 6s depending on model/carrier.
"While there are still unknowns about inventory levels, we note that China demand in particular looks "very strong" out of the gates and is a positive sign that the white-hot momentum out of this region shows no signs of abating despite macro headwinds out of China," the analyst commented. "We note that pre-sales of iPhone 6/6 Plus a year ago were 4 million orders (did not include China). Given initial strong data out of China on pre-sales and our analysis, we expect Apple to exceed this threshold, which would be a healthy indicator of initial 6s demand. "
Outperform price target of $175.00
Shares of Apple closed at $114.21 yesterday.
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