Apple’s iPhone 15 introduction in September is likely to be the next catalyst for Apple stock as at least one analyst expects the new lineup to drive iPhone unit sales growth next year.
<Patrick Seitz for Investor’s Business Daily/a>:
Weak sales in North America and China are principal factors behind the decline in smartphone shipments this year as consumers fret about the economy. Plus, smartphone owners are holding on to their handsets for longer periods between upgrades, or an average of about three years.
However, Apple is better positioned than most handset makers because it is focused on the premium segment of the market, which has been more resilient, Counterpoint analyst Hanish Bhatia told Investor’s Business Daily.
In fact, Apple could become the No. 1 smartphone brand worldwide for the first time ever this year, as it looks to overtake market leader Samsung, Bhatia said.
Apple will reserve the best new features of the iPhone 15 for the high-end Pro models, CFRA Research analyst Angelo Zino told IBD. And he expects those Pro models to get a $100 price increase.
“I’m not forecasting a major upgrade cycle (with the iPhone 15), especially in this environment where smartphone demand is so anemic,” Zino said. But the new handsets should be good enough to drive iPhone unit sales growth next year, he said.
Zino rates Apple stock as buy with a 12-month price target of $220.
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