On Friday, Evercore ISI maintained a positive outlook on Apple Inc. (NASDAQ:AAPL) stock with an Outperform rating and a steady price target of $250.00. The firm's perspective comes in light of the current delivery times for Apple's latest iPhone 16 and 16 Pro models, which have shown relative stability.
According to the analysis, lead times for the Pro Max model are generally longer than for the Pro model, with some variations across different regions.
The iPhone 16 and 16 Pro series have been open for pre-order since September 13, and the delivery times for the Pro and Pro Max models have remained largely unchanged. For the standard iPhone 16 and 16 Plus models, lead times are the same or have decreased, with availability for next-day delivery in China, the US, and the UK.
In the US, the delivery period for the iPhone 16 Pro is 17 days, and for the Pro Max, it is 24 days, mirroring last week's times and showing a decrease from last year's 28-day wait. Japan's delivery times for the Pro and Pro Max are 18 and 29 days, respectively, compared to 21 and 18 days from the previous year. In China, the Pro model is available in 15 days and the Pro Max in 22 days, both quicker than last year's 21 and 18 days.
In the UK, delivery times have remained constant at 17 days for the Pro and 24 days for the Pro Max. Germany has seen a slight decrease in delivery times for the iPhone 16 Pro to 17 days and a slight increase for the Pro Max to 27 days, with last year's times being 25 days for the Pro and 18 days for the Pro Max.
The analysis suggests that the stable lead times for the Pro and Pro Max models, especially when compared to last year, could indicate a gradual increase in iPhone sales as Apple continues to roll out new Intelligence features.
The data reflects a mixed trend in different regions, with the Pro Max model showing longer lead times than last year, except in the US. The report does not specify the impact of supply on delivery times but supports the view of a steady demand for the new iPhone models.
In other recent news, Apple Inc has been making significant moves in the streaming market and the tech industry. The company has integrated Apple TV+ into Amazon (NASDAQ:AMZN)'s Prime Video service in the United States, expanding its streaming offerings.
This partnership allows Prime Video subscribers to access Apple TV+ content for a monthly fee of $9.99, marking a notable collaboration between the two tech giants.
In other developments, Piper Sandler maintained a neutral stance on Apple's stock, following a comprehensive teen survey, while Citi raised its price target for Apple ahead of earnings, maintaining a buy rating.
However, Jefferies downgraded Apple from a buy to a hold rating over concerns about the upcoming iPhone's capabilities in artificial intelligence. Evercore ISI has maintained its outperform rating for Apple, citing stable demand for the new iPhone 16 and 16 Pro models.
Apple's major assembler, Foxconn, reported a significant 20.2% increase in its Q3 revenue, surpassing initial forecasts. This growth is seen as an indicator of demand for Apple's products. These recent developments come as Apple prepares for the production of new iPhone SE and iPad Air models. However, the National Labor Relations Board (NLRB) has filed a complaint against Apple, alleging the implementation of illegal workplace rules.
InvestingPro Insights
Apple's strong market position and financial performance are reflected in the latest InvestingPro data. The company's market capitalization stands at an impressive $3.47 trillion, underscoring its status as one of the world's most valuable companies. This aligns with Evercore ISI's optimistic outlook and $250 price target.
InvestingPro Tips highlight Apple's consistent dividend growth, having raised its dividend for 12 consecutive years. This demonstrates the company's financial stability and commitment to shareholder returns, which could be attractive to investors looking for steady income alongside potential capital appreciation from new product launches like the iPhone 16 series.
The company's revenue for the last twelve months reached $385.6 billion, with a gross profit margin of 45.96%. These robust financial metrics support Apple's ability to invest in innovation and maintain its competitive edge in the smartphone market, as evidenced by the steady demand for its latest iPhone models.
InvestingPro offers 13 additional tips for Apple, providing investors with a comprehensive analysis of the company's financial health and market position. To gain access to these insights and make more informed investment decisions, consider exploring the full range of tips available on InvestingPro.
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