"The New iPhone launch has proven more robust than we expected," but cannibalization was a big factor in this, said Kvall. "We consider this a mixed blessing as the strength likely includes cannibalization of the ever-weaker iPhone 6s," explained the Nomura analyst.
Additionally, Kvall believed "Apple will take a conservative view on production to avoid excess channel inventory with the iPhone 7."
On Monday's market close, Apple traded at $96.43.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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