A KeyBanc analyst is confident sales of iPhone 14 Pro and iPhone 14 Pro Max will help boost the top line for Apple’s hardware products as the Cupertino Colossus reports quarterly results after the closing bell on October 27th.
The base iPhone 14 and the Plus models are less expensive than the Pro models, but several analysts have noticed that demand for the higher-priced phones has been stronger than the more affordable options.
KeyBanc analyst Brandon Nispel also said that not only are the more expensive phones more popular among shoppers, but that this trend will benefit Apple’s iPhone sales for the fiscal fourth quarter with higher average selling prices for the more expensive phones.
Nispel, who rates Apple at Overweight with a $185 price target, also wrote in a research note that KeyBanc compiled data that showed strong spending for Apple transactions in September.
Nispel raised his revenue estimate for Apple’s fourth quarter to $90.4 billion from $89.6 billion, reflecting his expectations of higher average selling prices of the iPhone. Analysts surveyed by FactSet expect revenue of $88.7 billion for the quarter, which is higher than the previous quarter’s sales of $83 billion.
MacDailyNews Take: Yet another Apple earnings beat looms.
Apple iPhone mix is easily going to be the strongest ever. Do not be surprised with the reports that Apple has “cut iPhone 14 orders,” meaning iPhone 14 and iPhone 14 Plus. The company will likely be increasing iPhone 14 Pro and iPhone 14 Pro Max orders to reflect the strong mix which bodes very well, of course for Apple’s iPhone average selling price (ASP). – MacDailyNews, September 14, 2022
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