The iPhone 15 will be available in stores on Friday.
Dreamstime
Apple
is seeing solid demand for more than just the higher-end Pro models of the iPhone 15, according to an analyst from
J.P. Morgan.
The iPhone 15 will be available for customers starting Friday, but preorders have already begun.
Apple
(ticker: AAPL) customers can choose from four different models of the device: the lower-cost base model, the Plus, the Pro, and the Pro Max, at the top of the price scale.
J.P. Morgan analyst Samik Chatterjee wrote in a research note Wednesday that lead times for the more expensive Pro and Pro Max models are higher than for the lower-priced options That is an observation made by analysts across Wall Street.
But Chatterjee said an internal tracker that uses delivery and pickup data across multiple countries each week has also shown that lead times for the lower-end options are greater than for the lower-priced iPhone 14 models. “[This] could be indicative of better demand for those models than in the iPhone 14 Series lineup,” Chatterjee said.
High inflation and rising interest rates have cut into consumers’ spending power for a while. Retailers across the board have noticed that shoppers appear more cautious and are trading down to less expensive options. The concern for Apple investors is that consumers will delay upgrading their phones to the newest models.
Chief Financial Officer Luca Maestri said on the company’s latest earnings call on Aug. 3 that fiscal third-quarter revenue from product sales was down 4% from a year earlier as a result of changes in exchange rates and “an uneven macroeconomic environment.”
The shipping delays and longer lead times Chatterjee noted are a positive signal about demand.
Write to Angela Palumbo at [email protected]
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