Investment firm Morgan Stanley (MS) says that early demand for tech titan Apple’s (AAPL) new iPhone 17 looks stronger than it was for the iPhone 16 last year. Indeed, in a note to clients, analyst Erik Woodring explained that longer wait times suggest more people are interested in upgrading, and that replacement habits may be returning to normal. As a result, Apple’s stock rose slightly on Wednesday. The report also shows that wait times for most iPhone 17 models are either the same or longer compared to last year, nearly everywhere.
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When breaking down the numbers, the iPhone 17 Pro Max has an average wait time of 22.5 days in the U.S. and 24 days globally. Meanwhile, the Pro model has wait times of 14.2 days in the U.S. and 18.1 days in other countries. In addition, the iPhone Air is quicker to get, with wait times of 6.7 days in the U.S. and 7.9 days abroad, while the base iPhone 17 has a wait time of 15.5 days in the U.S. and 19 internationally.
Even though it’s still early in the sales cycle, Woodring said that these numbers are helpful. While wait times alone don’t predict full-year sales, the fact that supply is better than last year and demand is strong gives him a positive view on the iPhone 17 and Apple’s stock. It is worth noting that seasonal trends usually hurt Apple’s performance this time of year, but this strong start could help balance things out. Therefore, Woodring still rates Apple as a Buy with a price target of $240 per share.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 17 Buys, 15 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $245.06 per share implies 2.3% upside potential.
