BofA analyst Wamsi Mohan argues that Apple’s strategy of launching new iPhones with Pro/Pro Max model to capture premium market consumer demand every year, while reducing prices of previous iPhone models with each iteration, along with installment plans introduced by Apple and carriers, has enabled Apple to drive the mix of units to higher value despite slower unit sales. In the firm’s opinion, this will continue as a long-term trend, offsetting some of the potential unit weakness in China. BofA maintains a Buy rating and $225 price target on Apple shares.
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