“Apple Inc. is set to gain on higher-than-expected demand for its latest smartphone models, according to one team of bulls on the Street,” Shoshanna Delventhal reports for Investopedia. “Despite higher prices per unit, Royal Bank of Canada (RBC) found that consumers are willing to pay top-dollar for newer devices.”
“In a note to clients, RBC analyst Amit Daryanani lifted his 12-month price target on shares of the Cupertino, California-based tech titan from $240 to $250,” Delventhal reports. “RBC’s survey of more than 5,000 individuals found that 26% of respondents intended to purchase an iPhone, compared to 20% last year, as reported by CNBC.”
“Not only did demand for the next generation of iPhones increase, but consumers also appear more willing to buy higher-tier, more expensive memory models, Daryanani reports,” Delventhal writes. “A whopping 68% of respondents said that they hoped to upgrade their iPhone model for improved memory.”
Superman is his own vehicle, geez! But I get the point.