Tech giant Apple (NASDAQ: AAPL) is seeing strong early demand for its iPhone 15 Pro and Pro Max models, according to Wall Street analysts. Shares of Apple ticked higher on Monday following the news.
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According to top-rated Wedbush analyst Daniel Ives, pre-orders for the iPhone 15 could be up by 10% to 12% year-over-year. This robust demand is expected to boost Apple’s average selling prices (ASPs), projected to be around $925, up by around $100 from the previous year due to increased Pro model sales.
Ives believes Apple could produce between 85 million and 90 million iPhone units this cycle, thanks in part to carrier promotions in the U.S. The analyst added that demand for the iPhone 15 Pro Max is particularly high in the U.S., China, India, and parts of Europe.
Despite some skepticism, Ives expects Apple to gain market share in China. The analyst has a Buy rating on AAPL with a Street high price target of $240 per share. The analyst’s price target implies an upside potential of 35.5% from current levels.
Is Apple a strong buy?
Analysts are cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 22 Buys and eight Holds.
