Wells Fargo Comment on Apple's iPhone 6/6 plus Launch

IN a note released Friday morning, Wells Fargo analyst, Maynard Um provided some insight on Apple's AAPL iPhone 6 and 6 plus pre-order launch today. Um began by explaining there were some issues with the online store and iOS app at the initial 12:00 am launch. Furthermore, he added that this has muddy the waters of gauging demand. However, he did note that the iPhone 6 plus did experience extended lead times, which indicate a higher demand. Under the assumption that the 6 plus has better margins and the extended lead times are at least partially due to a true demand not inventory constraints, Um says Apple stands to benefit from the product mix. Looking ahead, Um expects the first weekend sales numbers on September 22 to be the next material catalyst. Wells Fargo currently rates Apple Market Perform with a $89-99 target price range.