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Apple (NASDAQ:AAPL) announced yesterday it will raise its App Store prices from next month in most European countries as well as some countries in Asia and South America.
The new pricing scheme will become effective as of October 05, Apple said. The announcement comes as investors have their eyes set on the iPhone 14 launch and the associated wait times.
Evercore ISI’s survey of iPhone purchasing intentions among U.S. residents pushed an analyst to hike the price target to $190 from $185 per share. The survey showed “notably higher” demand for iPhone high-end models.
“We think the survey data along with the lead-time elongation for iPhone 14 Pro and Pro Max delivery (35-40 days) suggest we should see upside vs. street expectations for Sept-qtr and likely Dec-qtr,” the analyst said in a client note.
He also notes that average selling prices are up about 10% for the iPhone 14 lineup.
“Notable uptick in ASPs driven by mix towards Pro/Max will drive upside in Q3/Q4. We see modest unit upside vs. street expectations (low single digit) but ASP’s could surprise materially (street at +1% ASP vs. survey work implies 10%+),” the analyst added.
Apple shares are down 0.5% in premarket Tuesday.
