New Street analyst Pierre Ferragu notes that Apple’s iPhone 16 started shipping on Friday and that early datapoints suggest reception is “poor,” with “disappointing innovation” and a late rollout of Apple Intelligence. The firm expects 215M iPhone shipments in FY25, which it notes is 10% below consensus, pointing to elongating cycles and market share headwinds in China to support its forecast. However, the stock has been less sensitive to iPhone performance in recent years and generative AI will still revolutionize the user experience over time, says the firm, which expects “only a short-lived pull-back” and contends this “would create a good entry point.” New Street reiterates a Neutral rating with a $225 price target on Apple shares.
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