Preorders from AppleAccording to analysts, the (AAPL) iPhone 14 smartphones track as well or possibly better than last year’s iPhone 13 models. But Apple shares coincided with the broader market on Tuesday.
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Apple started taking pre-orders for its latest handsets last Friday, with actual sales starting this Friday. The Cupertino, California-based company unveiled the iPhone 14 series at a media event last Wednesday.
“The data continues to point to strong demand for the iPhone 14 Pro and Pro Max, which could have a material positive impact on both mix and margins,” Evercore ISI analyst Amit Daryanani said in a note to customers on Monday. Daryanani rates Apple stock as outperforming with a price target of 185.
During morning stock market trading today, Apple stock fell 3.3% to 158.04. Major indices fell Tuesday after a hot inflation measurement of the Labor Department’s consumer price index.
Pro models of iPhone 14 most requested
The US delivery times for the iPhone 14 Pro and Pro Max have been extended to 29 to 36 days. The delivery time for the regular iPhone 14 is four to nine days, according to Daryanani.
Wedbush Securities analyst Daniel Ives said iPhone 14 preorders are robust and slightly ahead of last year’s iPhone 13 preorders.
“We are also following a very heavy Pro/Pro Max mix that can be in the 80-90% range, which is very positive for ASPs (average retail prices),” Ives said in a note to customers. “At this rate, we’re seeing a lot of Apple stores with Pro shortages in late September/early October.”
The iPhone 14 series comes in four models: two regular versions and two Pro versions. The more expensive Pro models received more feature upgrades, including a 48-megapixel camera, a faster A16 processor and display alert technology called Dynamic Island.
The entry-level iPhone 14 starts at $799, while the Pro models start at $999.
Ives rates Apple stocks as outperforming with a 12-month price target of 220.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories about consumer technology, software, and semiconductor stocks.
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