Investment firm KeyBanc Capital Markets said on Tuesday that demand for Apple’s (NASDAQ:AAPL) iPhone 15 models has been mixed, according to its October Survey.
In a research note, analysts, led by Brandon Nispel, wrote that the firm’s survey shows that demand for the iPhone 15 and Plus models have slowed meaningfully. However, demand for the iPhone 15 Pro and Pro Max has remained healthy and somewhat compensated for this decline.
According to the analysts, the lack of new products in October and the late iPhone release in September are some of the factors that could have affected sales.
Nonetheless, the analysts believe the present patterns are mainly related to timing. However, they predict lower upgrade rates and reduced customer demand, hurting Hardware revenues in the first quarter of 2024. “We view our October carrier survey and Key First Look Data results as moderately negative for the Apple supply chain,” the firm concluded.
Is Apple a Buy, Sell, or Hold?
With 25 Buys and 8 Hold recommendations, AAPL stock has a Moderate Buy consensus rating on TipRanks. After a 53.07% rally in its share price in 2023, the average Apple price target of $201.99 per share implies 6.13% upside potential.
