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The analysts, who have an Outperform rating and a $240 price target on the stock, explained in their note that the iPhone 15 officially went on sale today at Apple Stores.
There were “long lines already seen in China, Europe, and the US as the retail excitement for this new generation smartphone from Cupertino matches what we have been tracking online around pre-orders,” they wrote.
“The big focus of consumers at the Midtown Apple Store today has been Pro Max so far as we believe a scarcity of iPhone 15 Pro Max is starting to build throughout the supply chain,” they added.
The analysts noted that iPhone 15 pre-orders are still tracking much stronger than their firm and the Street originally expected and are up roughly 10% to 12% from iPhone 14 based on their analysis. In addition, “delivery/shipment times have moved to late October to mid-November.”
