Apple (NASDAQ:AAPL) shares fell Thursday even as investment firm Rosenblatt took the other end of a bullish debate and upgraded the tech giant, citing “substantial interest” in the new iPhone 14 Pro Max and the company’s Apple Watch Ultra.
Analyst Barton Crockett raised his rating on Apple (AAPL) to buy from neutral while raising its price target to $189, noting that after surveying more than 1,100 adults in the United States about Apple (AAPL) new products, it is likely that the craze for high-end devices will be global.
“Some 29% of respondents to our representative census survey of US adults said they had purchased or expected to purchase an iPhone 14 in the next 12 months – including 33% of current iPhone owners and 18% of Android owners,” Crockett wrote in a note. to customers, adding that the implications are that there is a base of 75 million people in the United States who want the new smartphone.
Going further, two-thirds of survey respondents wanted more expensive models, with 40% wanting the iPhone 14 Pro Max. The second choice was the iPhone 14 Pro, with 26%.
“Apple appears to be a year or two+ ahead of rivals in offering this – initially in the US and some countries, and over time elsewhere,” the analyst wrote, adding that 42% of respondents said the feature was “very appealing” and 40% said it was “somewhat appealing”.
Consumers also seem very interested in the Apple Watch Ultra, aimed at fitness enthusiasts and extreme sports.
Twenty-three percent of survey respondents said they would buy one of the announced new Apple Watch units, with 47% of that segment wanting to buy the new Ultra, which is priced at $799 and up.
The analyst noted that the survey was conducted online via SurveyMonkey on September 20 and has a margin error of 3%.
Taiwan Semiconductor reportedly told Apple (AAPL), its biggest customer, that it would raise prices until 2023, but the world’s largest company by market capitalization told the global foundry there was no deal.
Analysts are largely cautious on Apple (AAPL). He has a HOLD note from Seeking Alpha authorswhile Wall Street analysts give it a TO BUY. Conversely, Seeking Alpha’s quantitative system, which consistently beats the market, assigns AAPL a HOLD.