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How 'Bout Them Apples? Wall Street Digs Into iPhone 6s Debut

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How 'Bout Them Apples? Wall Street Digs Into iPhone 6s Debut
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  • On Monday morning, Apple Inc. (NASDAQ: AAPL) released its first weekend iPhone 6s sales figures. Sales of more than 13 million units surpassed the Street's expectations, which called for 12 million units sold.
  • This article will look into what Wall Street analysts are saying about the numbers.
  • Shares of Apple are down more than 1 percent on Monday trading.

Apple announced on Monday that, over the three first days since it debuted the iPhone 6s and iPhone 6s Plus, it has sold more than 13 million units, setting yet another new record. So, let’s take a look at what analyst think about this.

Global Equities Research

Trip Chowdhry of Global Equities Research notes that, while the debut of the new iPhone was “very strong,” the company’s stock continues to languish on the back of investors’ lack of confidence in the management team and Board of Directors – even in spite of the recently launched “huge” share buyback program.

Related Link: Trip Chowdhry: iPhone 6s Was Strong, But Apple Stock May Continue To Languish

However, the firm continues to maintain its 12-18 month price target of $155.00 on the stock.

FBR & Co.

For his part, FBR’s Daniel H. Ives notes that, given that pre-order sales look “particularly strong out of the linchpin China region” and the launch weekend sales number is "white hot," the firm believes the potential upside to iPhone December figures should help eliminate the "China iPhone black cloud" that hovers over Apple's head.

FBR maintains an Outperform rating on shares of Apple.

Piper Jaffray

Piper Jaffray’s Gene Munster also reiterated an Overweight rating (and $172 price target) on Apple after the sales figures were released. The firm’s annual iPhone launch day survey showed a continuing trend towards more capacity and a gradually emerging trend towards larger screen iPhones.

Related Link: Apple Users 'Overwhelmingly' Stay With Large Screen iPhones, New Survey Shows

The expert explains that, in Piper Jaffray’s view, trends should be positive for the company’s ASPs and revenues over the next few years.

Bank of America Merrill Lynch

Finally, analysts at BAML visited Apple, Verizon Communications Inc. (NYSE: VZ) and AT&T Inc. (NYSE: T) stores in New Jersey, Maryland and Virginia to evaluate the interest for the new iPhones. Apparently, they found long-as-expected lines at Apple Stores, but lower than anticipated traffic in Verizon and AT&T stores.

Concerned about tough year-over-year comps, but recognizing long-term potential, the firm maintains a Neutral rating and $130 price target on shares of Apple.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Latest Ratings for AAPL

DateFirmActionFromTo
Apr 2017Morgan StanleyMaintainsOverweightOverweight
Apr 2017Credit SuisseMaintainsOutperformOutperform
Apr 2017Pacific CrestMaintainsOverweight

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