Apple Stock Rises On iPhone 15 Sales Updates – Investor's Business Daily

BREAKING: GDP Sizzled In Q3, But Fed’s Key Inflation Rate Was Tame

IBD Combo Halloween OfferIBD Combo Halloween Offer

Apple (AAPL) stock rose Monday amid reports that iPhone 15 sales remain strong and are largely on par with year-ago sales trends for the iPhone 14 series. Lead times from order to delivery of high-end Pro models have shortened as supply begins to catch up with demand, analysts said.
In a note to clients Sunday, JPMorgan analyst Samik Chatterjee reiterated his overweight, or buy, rating on Apple stock. He has a price target on AAPL stock of 230.
On the stock market today, Apple stock advanced 1.5% to close at 173.75.
Chatterjee said his firm’s global product availability tracker shows that iPhone 15 delivery lead times have moderated after two weeks of sales. That is “very typical for the lead-time trajectory when compared to prior years,” he said.
Most of the decline in lead times for the iPhone 15 series is happening with the premium Pro models.
“The average lead time for the high-end models is tracking to 37 days vs. 35 days in the same week last year with the iPhone 14 series,” Chatterjee said.
He added, “Elevated lead times for the high-end iPhone 15 models were likely impacted by the confluence of early order momentum and slower supply ramp.”
On Friday, Evercore ISI analyst Amit Daryanani reiterated his outperform rating on Apple stock with a price target of 210.
In a note to clients, Daryanani said the iPhone 15 Pro and Pro Max models are seeing lead times shrinking in China but are unchanged in the U.S.
“The data points to robust demand for the iPhone 15 Pro and Pro Max,” he said.
Analysts widely expect the iPhone 15 sales mix to shift more to the premium models with this year’s handsets.
In other news, Apple plans to respond to heat issues with the iPhone 15 via a software update, the Wall Street Journal reported.
Apple stock has a lackluster IBD Composite Rating of 71 out of 99. IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
Chipmaker Nvidia Called Principal ‘Shovel Supplier’ In AI ‘Gold Rush’
Micron Earnings Top Views, But Memory-Chip Maker Falls On Mixed Outlook
Contract Manufacturer Jabil Stock Soars Nearly 20% On Earnings Beat
See Stocks On The List Of Leaders Near A Buy Point
Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens
4:21 AM ET Check the Stock Market Today column to spot changes in market trend and track the best stocks to buy and…
4:21 AM ET Check the Stock Market Today column to spot changes in…
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2023 Investor’s Business Daily, LLC. All rights reserved


Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top