Analysts have reported that the higher-end models of Apple’s iPhone 15 are experiencing significant demand, signaling positive prospects in a market where consumer spending capacity is a concern.
Goldman Sachs analyst Michael Ng highlighted shipping delays for the iPhone 15 Pro and Pro Max in a research note. This delay indicates that demand is surpassing supply, with the higher-end Pro models experiencing longer shipping times compared to the more affordable base versions of the smartphone.
Ng stated, “We view the extending lead times for the iPhone 15 Pro and iPhone 15 Pro Max as a positive indication of consumer demand and for increasing price/mix, but recognize that there is little transparency into available supply and potential supply chain constraints are a risk, particularly in the Pro Max.” He has given a Buy rating to the stock with a target price of $216.
Apple has not provided an immediate response to requests for comment. However, its website currently shows that deliveries for certain colors of the iPhone 15 Pro Max are delayed until mid-November.
While inflation and rising interest rates have placed financial burdens on consumers, some investors have expressed concerns about the potential disappointing sales of the new iPhone. This is significant for Apple as iPhone sales accounted for $205.5 billion of the company’s $394.3 billion revenue in 2022.
According to Evercore ISI analyst Amit Daryanani, recent data points suggest “robust demand for the iPhone 15 Pro Max, although slightly weaker on Pro/Plus compared to last year, which could have a positive impact on mix somewhat offset by lower volumes.” Daryanani has rated Apple as Outperform with a price target of $210.
As of Tuesday, Apple’s shares have decreased by 0.2% to $177.59. However, overall this year, the stock has risen by 37%.
