Apple iPhone Demand 'Deteriorated' In Holiday Quarter, New Goldman Survey Says
Apple Inc. (NASDAQ: AAPL) shares are rising after positive commentary from Goldman Sachs analyst Simona Jankowski. She holds a $155 price target on the tech giant despite the recent selloff, writing that any weak guidance is likely "priced in" shares.
Beyond Goldman's buy thesis, the firm also shared some interesting color on how it views holiday iPhone demand.
Survey Results Surprising
According to a survey of over 1,000 U.S. consumers age 18 and up, iPhone sales were "weaker than expected" over the quarter. While the iPhone and iPad were among the top three most popular holiday products, Goldman's results show purchases were much lower than purchase intentions reported in September 2015.
"At that time, 16% of respondents had indicated that they were planning on buying an iPad, while 15% intended on buying an iPhone," Goldman wrote. The latest survey shows 9 percent bought an iPad and 10 percent bought an iPhone.
Goldman's survey also looked ahead. Seventeen percent of respondents said they will buy an iPhone in the next three months, compared to 19 percent last September.
Apple shares recently trader above $98, but have yet to crack the $100 level on Tuesday.
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.