Apple Inc (NASDAQ:AAPL).’s shares, which recently witnessed a mild dip following the release of the iPhone 15, might be poised for a rebound. The tech giant has seen a surge in preorders for its latest smartphone, which are up by 10% to 12% compared to the same period for its predecessor, the iPhone 14, as per an analysis by Wedbush on Monday.
Wedbush’s Daniel Ives expressed increased confidence in the new iPhone’s success based on recent supply-chain checks in Asia. The checks suggest that Apple could sell approximately 85 million units initially, with the possibility of nearing 90 million due to compelling carrier promotions anticipated throughout the holiday season.
Apple’s shares have been under some pressure recently, trading at $174.69 in premarket trading on Monday, marking a slight decrease of 0.2%. This follows a drift from highs of around $195 in late July 2023, a decline partly attributed to concerns over a potential ban on iPhone usage by Chinese government officials.
Further positive news for Apple comes from the distribution of these preorders. Ives noted a noticeable lean towards the more expensive Pro and Pro Max models of the iPhone 15. As a result, Wedbush predicts that Apple could see an average selling price of approximately $925 for their latest smartphone, marking an increase of around $100 compared to sales over the past year to 15 months.
Public data also supports this trend towards higher-end models. Delivery dates for the iPhone 15 Pro Max have been pushed back until November in several countries, including the U.S., indicating strong demand.
Despite caution regarding Apple’s short-term setup from Mizuho analyst Jordan Klein, he also advised against underestimating the potential impact of these promising iPhone 15 data points.
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