Investing.com -- According to Piper Sandler's latest "Taking Stock with Teens" Fall 2024 survey, upgrade intentions for Apple’s iPhone 16 have dipped slightly compared to previous years.
The survey, which gathered responses from around 13,500 teens, revealed that only 22% plan to upgrade to the iPhone 16 this Fall or Winter, down from 23% in the Fall 2023 survey and 24% in the Fall 2022 survey.
However, the report did note a modest increase from earlier this year, with just 20% of teens expressing upgrade intentions in Piper Sandler’s Spring 2024 survey.
Despite this slight rise, the firm said the data suggests that there is no clear supercycle for iPhone upgrades in the calendar year 2024.
Piper Sandler also highlighted that only about 30% of teens plan to upgrade any of their Apple (NASDAQ:AAPL) hardware, including iPhones, in the next six months due to the introduction of Apple Intelligence.
This figure was lower than expected, especially given the hype surrounding Apple’s new features. The survey results suggest that even though many teens are using iPhones that are, on average, three generations behind the iPhone 16, the upgrade cycle may not be as aggressive as anticipated.
Overall, Piper Sandler maintains a neutral stance on Apple stock with a price target of $225 on the stock.
"Based on the responses, we continue to believe the stock is fairly valued at current levels, as the data does not suggest a CY24 super cycle," said Piper Sandler.