Munster: iPhone 6s Tracking Better Than iPhone 6 In Stores
- Gene Munster of Piper Jaffray commented in a note that Apple Inc. (NASDAQ: AAPL)'s iPhone 6s is outperforming the iPhone 6 and 5s thus far.
- Munster surveyed Apple Stores and found the company doing a better job at keeping supply levels high to match demand.
- Munster maintained an Overweight rating and $172 price target.
Investors have shown concern that Apple's latest iPhone release won't perform as well compared to prior models. These concerns were initially proven to be overblown and unwarranted after the company confirmed on September 28 that it had just sold over 13 million units during the 6s weekend launch - more than any other weekend launch in history.
Related Link: Apple's Vendor Competitions Might've Gone Too Far
Despite the early optimism, investors weren't fully convinced. Shares of Apple have lost nearly 2.5 percent since September 28, underperforming the Nasdaq ETF, PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ: QQQ) that gained more than 3 percent over the same time period.
However, a new report by Piper Jaffray's analyst Gene Munster may help in easing ongoing concerns.
According to Appleinsider, Munster polled 54 Apple Stores across New York, Florida, and Texas and found 50 percent of 64-gigabyte 6s and 6s Plus SKUs were available. The number compares with just 6 percent a year ago for SKUS of the iPhone 6, and 12.8 percent for iPhone 5s SKUs.
The analyst added that Apple is doing a better job of keeping supplies available to match demand, although he did acknowledge this may be easier to accomplish following an "S" model release. Nevertheless, shares of Apple were higher by around 2 percent late Friday morning following the positive report.
Munster maintained an Overweight and $172 price target.
Latest Ratings for AAPL
|Oct 2016||Goldman Sachs||Maintains||Buy|
|Oct 2016||Credit Suisse||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.