Preorders of Apple's iPhone 14 smartphones are tracking as good as or possibly better than last year's iPhone 13 models, analysts say. But Apple stock fell on Tuesday along with the broader market.
Apple started taking preorders for its latest handsets last Friday, with actual sales beginning this Friday. The Cupertino, Calif.-based company unveiled the iPhone 14 series at a media event last Wednesday.
"The data continues to point to robust demand for the iPhone 14 Pro and Pro Max, which could have a materially positive impact for both mix and margins," Evercore ISI analyst Amit Daryanani said in a note to clients Monday. Daryanani rates Apple stock as outperform with a price target of 185.
On the stock market today, Apple stock sank 5.9% to close at 153.84. The major indexes tumbled Tuesday after a hot inflation reading from the Labor Department's consumer price index.
Pro Models Of iPhone 14 Most In Demand
U.S. delivery times for the iPhone 14 Pro and Pro Max have stretched to 29 to 36 days. Delivery times for the regular iPhone 14 are four to nine days, Daryanani said.
Wedbush Securities analyst Daniel Ives said iPhone 14 preorders are robust and look slightly ahead of iPhone 13 preorders last year.
"We are also tracking a very heavy Pro/Pro Max mix that could be in the 80%-90% range, which is very positive for ASPs (average selling prices)," Ives said in a note to clients. "At this pace, we can see many Apple stores having Pro shortages by late September/early October."
The iPhone 14 series comes in four models: two regular versions and two Pro versions. The higher-end Pro models got more feature upgrades, including a 48-megapixel camera, speedier A16 processor and display alert technology called the Dynamic Island.
The entry-level iPhone 14 starts at $799 while the Pro models start at $999.
Ives rates Apple stock as outperform with a 12-month price target of 220.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
