"Stellar" iPhone 13 sales put Apple in the midst of a "monster product cycle" says analyst
Securities firm Wedbush released a note to clients today noting that Apple is seeing "stellar" demand for the iPhone 13 series. Analyst Daniel Ives, who covers Apple for Wedbush, said that while Apple had been impacted a little by the global supply chain shortage, Ives says that the improvements that Apple has been able to achieve in procuring parts suggest not only a strong June quarter ahead for the iPhone but also strength for the next iPhone release too.
Ives expects the iPhone SE (2022) 5G to sell approximately 30 million units. The tech giant is picking up market share in the world's largest smartphone market the analyst states, crediting the iPhone 12 and iPhone 13 for a 3 percentage point market share increase in China over the last 12 months.
Also helping Apple, according to Ives, is that outside of China more consumers are shelling out to buy the iPhone 13 Pro and iPhone 13 Pro Max, the more expensive variants of the 2021 iPhone line, "which is a nice positive for the March quarter," the analyst said. Ives says that Apple is in the midst of a "monster product cycle." His analysis leads him to call the current product cycle the strongest for Apple since 2015 when the iPhone 6s and iPhone 6s Plus were released.
Wedbush expects 30 million iPhone SE units to be sold this year
In a note to Wedbush clients, the analyst wrote, "Taking a step back, while the risk of dynamic in the market has been front and center for tech investors with Apple's stock also under pressure thus far in 2022 along with other tech stalwarts, we believe the company is setting up for a monster growth cycle over the next 12 to 18 (months) that is not baked into shares at current levels."
Apple's shares closed regular 4 pm trading today at $170.21. That was up $1.39 or .82% for Wednesday. The 52-week high is $182.94 with the current market capitalization at $2.78 trillion.
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