iPhone 6S Pre-Orders Are Hot Worldwide, Says Analyst

Shares of Apple gained more than two percent early Monday morning after various media sources reported that Apple is expecting pre-orders of its new iPhones sales to surpass the 10 million unit first-weekend record it saw last year.

Meanwhile, Daniel Ives of FBR & Co. is out with a bullish note which stated that initial demand for the iPhone 6s and 6s Plus, especially in China, "looks strong." According to Ives, initial demand from China looks "very strong out of the gate" and is a "positive sign" that the company's "white-hot momentum" in China is showing no signs of slowing down despite recent macro headwinds. Ives continued that one of the largest signs to support his thesis is estimated wait times as displayed on Apple's web site and various blogs. He added that "most importantly," the wait time for the iPhone 6s Plus in China is "already" running three to four weeks, and two to three weeks for the 6s. Meanwhile, initial demand in the US and UK "looked strong" on initial pre-order data which consists of a wait time of roughly three to four weeks for the 6s Plus with "shorter" wait times for the 6s depending on the specific carrier and model. Finally, Ives pointed out that sales of iPhone 6 and 6 Plus a year ago were four million (not including China) and Apple should "exceed this threshold" which would serve as a "healthy indicator" of initial 6s demand. Shares of Apple remain Outperform rated with an unchanged $175 price target.