Wall Street analysts were heartened by a rebound in Apple iPhone sales after a year of decline. Analysts said strong demand for new models, spurred by trade-in programs and discounts on older models, mean’s Apple’s iPhone is back and it’s here to stay. At least 15 brokerages raised their price targets on the company’s stock on Wednesday.
Sales were boosted by the first full quarter of iPhone 11, which is priced $50 less than its iPhone XR predecessor, said Gene Munster, a longtime Apple watcher and managing partner at Loup Ventures… “We see Apple’s December 2019 quarter as a microcosm for its calendar 2020 performance, with the iPhone, once again, returning to the front and center,” D.A. Davidson analyst Tom Forte said.
Oppenheimer analyst Rick Schafer said the widely touted release of a 5G iPhone later this year would likely boost demand…
Investors have become excited about services because they believe they will lead to durable profits: the services are sold as a subscription billed each month or year, with most consumers leaving them on autopilot, while a new phone or laptop is often a sporadic purchase every few years, subject to the whims of consumer sentiment.
MacDailyNews Take: Apple’s iPhone never left.