The iPhone 11 is less than two weeks old, but an analyst at Evercore ISI already sees an upside for the device’s maker, based on his firm’s latest survey of demand.
Evercore ISI’s Amit Daryanani is still bullish on Apple stock. In a note to clients Monday night, he cited his firm’s survey of about 5,000 people showing 40% were interested in buying a new iPhone—which he notes may be in line or better than past trends.
Demand also seemed to skew toward the cheaper iPhone 11 model at 30%, compared with about 10% for previous low-end models. That said, Daryanani predicts iPhone average selling prices will be up to $800 this year, compared with $770 last year. Daryanani maintained his Outperform rating. His $247 price target implies a roughly 9% upside from Apple stock’s recent price.
MacDailyNews Take: Apple’s all-time intraday high was set on October 3, 2018 at $233.47. Apple all-time closing high was set the same day at $232.07. Apple’s 52-week low was $142.00 set on January 03, 2019. The next morning, prior to market open, we wrote:
If you can spot overreactions in the market, you can profit from them. — MacDailyNews, January 4, 2019
Apple shares are up $86.84 in the past nine months.
[Thanks to MacDailyNews Readers “Brawndo Drinker” and “Sarah” for the heads up.]