- MorganStanley Analyst Erik Woodring affirmed obesity apple inc AAPL and a target price of $180.
- Woodring emphasized that the critical investor debate had occurred in the past week iPhone launch event was how resilient demand for the iPhone 14 would be in the face of ongoing inflation and growing macroeconomic uncertainty, which would prove headwinds for consumer spending intentions.
- However, the delivery times of the early iPhone 14 Pro series in the US are more robust than expected.
- Erik points out that early pre-order comments from markets like China and India are similarly robust.
- Additionally, the early launch of the iPhone 14 Pro series is a little stronger than expected, showing Apple’s strategy of differentiation from high-end models seems to be paying off.
- It could be a potential additional tailwind for iPhone ASPs in FY23, where it’s already 5% above consensus at $900.
- Taken together, these early data points are helping to allay fears of physical iPhone weakness, consistent with Erik’s view that the iPhone is a more “clip-like” product that’s more resilient to macroshocks.
- Price promotion: AAPL shares traded 1.82% lower at $152.49 on the last check Thursday.
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