You May Have To Wait Longer For Your New iPhone. Why That's Good For Apple - Apple (NASDAQ:AAPL)

BofA analyst Wamsi Mohan reiterated a Buy and price target of $185 on Apple Inc AAPL.
The re-rating reflected the upgrade cycle in F23 driven by the need for higher connectivity, higher growth in Services revenues, Apple likely to charge for App and in-App purchases outside the App store, and shares likely to outperform in a broader market down cycle.
His tracking of iPhone ship dates on Apple's website and various carrier websites indicates that ship dates for the iPhone 14 Pro models are extended compared to last year's pre-order cycle.
Also Read: Apple's Premium Customers Help Company Score Through Inflation, Slowdown, iPhone Preorder Data Reveals
Among regions, ship dates are most elongated in China, where it kept the iPhone prices intact, expecting the growth to offset the ASP pressure from price and FX.
Globally, iPhone 14 ship date is currently at two days, which is lesser than the 13 days versus iPhone 13.
Mohan said the lower differentiation between iPhone 14 series and the Pro models drove customers towards the Pro, boding well for the mix and the ASP. However, it also suggested weaker overall demand for iPhone 14.
The analyst acknowledged iPhone 14 Plus' delayed shipment affected the Y/Y comparison of initial demand amid the component crisis.
Last week, Morgan Stanley also highlighted that early iPhone 14 Pro series lead times in the U.S. beat expectations. The same held good for China and India, reflecting the success of Apple's high-end model differentiation.
Price Action: AAPL shares traded higher by 0.80% at $151.90 on the last check Monday.

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