The recently launched iPhone 15 series is seeing robust demand, outstripping supply, according to Goldman Sachs. This trend has prompted the firm to predict a more than 20% upside for Apple Inc. AAPL shares, CNBC reported.
Apple’s new iPhone 15 range was launched last Tuesday and opened for pre-orders on Friday across over 40 regions. The devices will be available from Sep. 22 and will expand to an additional 21 markets on Sep. 29.
Goldman Sachs noted a delay of more than eight weeks for selected phones in certain regions, indicating a supply-demand imbalance. The firm maintains a buy rating on Apple shares with a price target of $216, suggesting a 23.4% upside from Friday’s close.
Analyst Michael Ng expressed optimism about the long lead times for the iPhone 15 Pro and Pro Max, seeing it as a sign of strong consumer demand. However, he pointed out potential supply chain constraints that might impact supply.
Ng also highlighted carrier promotions in the U.S. for the iPhone 15 series, which could incentivize consumers to upgrade to new phones. He did caution that the best deals often require pricier plans.
Mainland China is seeing some of the longest lead times, particularly for the iPhone 15 Pro and Pro Max.
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