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Analyst: iPhone 8 Demand Bounced Back On Day 2

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Analyst: iPhone 8 Demand Bounced Back On Day 2

Apple Inc. (NASDAQ: AAPL) investors had been anticipating the company’s new batch of products, including the iPhone 8 and iPhone X, for months ahead of their unveiling on Sept. 12. However, the new devices haven’t had the positive impact Apple bulls had hoped, as the stock has plummeted 7.2 percent since the event.

One of the primary market concerns since the iPhone unveiling has been weak iPhone 8 preorder figures. Global Equity Research analyst Trip Chowdhry has been monitoring new device sales at six different Apple stores to gauge consumer demand for the new products, which went on sale last Friday. According to Chowdhry, the weekend was a big success.

“Apple’s new product launch is successful,” Chowdhry wrote Saturday. “After a slow start on Friday, the pace has significantly picked up on Saturday.”

Of the six stores Global Equities was monitoring, all six sold out of the Apple Watch 3 cellular version, all six sold out of the Apple TV 4K, and there was a “steady flow” of iPhone 8 purchases at all six stores.

On Friday, Chowdhry reported that interviews with iPhone 8 buyers revealed that many of them were opting for the new model not because of the iPhone 8’s features but because their old iPhone models had become obsolete. Chowdhry also noted that many Apple customers said they are waiting for the highly anticipated iPhone X, which will become available in October.

Even after the 7.2 percent post-launch sell-off, Apple stock remains up 29.8 percent year to date.

Related Link: 4 Pressing Questions About Apple's Slumping Stock

Latest Ratings for AAPL

DateFirmActionFromTo
Jul 2020Raymond JamesReiteratesOutperform
Jun 2020WedbushMaintainsOutperform
Jun 2020UBSMaintainsBuy

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