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Apple iPhone Demand 'Deteriorated' In Holiday Quarter, New Goldman Survey Says

Apple iPhone Demand 'Deteriorated' In Holiday Quarter, New Goldman Survey Says
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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.

See Also: Goldman Sachs Bullish On Apple; Pullback Represents Buying Opportunity As Weak Guidance Is Priced In

"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.


What's Next?

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 2016Goldman SachsMaintainsBuy
Oct 2016Credit SuisseMaintainsOutperform
Oct 2016PiperJaffrayMaintainsOverweight

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