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Apple Stock Falls Amidst Concerns Over Weak iPhone 15 Demand

by Administrator Forexezy
October 23, 2023
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Shares of Apple (ticker: AAPL) remained relatively steady on Monday, as the company grapples with disappointing demand for its latest flagship device, the iPhone 15. Despite a year-to-date increase of 32%, Apple’s stock has experienced a sixth consecutive day of decline, marking its longest losing streak since January 2022, according to Dow Jones Market Data.

J.P. Morgan analyst Samik Chatterjee has raised concerns about iPhone 15 sales, stating that lead times for the device have been consistently decreasing over the past four weeks. In fact, the current lead times for the iPhone 15, iPhone 15 Pro, and iPhone 15 Pro Max are either in line with or below those of their respective predecessors in the iPhone 14 series during the same period last year.

The diminishing lead times suggest a dip in consumer demand, particularly as shorter lead times denote slowing sales while longer lead times typically indicate higher demand.

Apple has declined to comment on the matter when reached for a response.

Furthermore, other analysts have also cited a decline in lead times since the release of the iPhone 15 in September.

With concerns surrounding weak iPhone 15 demand mounting, Apple finds itself at a pivotal moment as it works to regain momentum in the market. Only time will tell if the tech giant can reverse its recent downward trend and reignite consumer interest in its flagship product.

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iPhone 15 Demand and Apple’s Earnings Awaited by Traders

On Friday, analysts provided insights into the demand for different iPhone 15 models. According to Evercore ISI analyst Amit Daryanani, the demand for these models has been mixed, with lead times for lower-end models declining last week. UBS analyst David Vogt also stated in a research note that the wait times for the iPhone 15 Pro model have decreased by an average of five days compared to its predecessor, the iPhone 14 Pro.

Daryanani holds an Outperform rating on the stock and has set a price target of $210. On the other hand, Vogt has a Neutral rating and a price target of $190.

Given the importance of smartphone sales for Apple, traders are eager to see strong iPhone demand. In 2022, iPhone sales contributed $205.5 billion to the company’s total revenue of $394.3 billion.

Apple is set to report its fourth-quarter earnings on November 2, and investors will closely monitor the performance of the iPhone 15 in the market.

Additionally, BofA Securities analyst Wamsi Mohan highlighted the impact of consumer spending trends on Apple’s earnings amid persistent inflation and higher interest rates. Mohan rates the stock as Neutral with a price target of $208.

Mohan stated, “In constant currency, we expect a slight deceleration in revenue growth in the fourth quarter compared to the previous quarter due to a weaker consumer spending environment. However, we believe revenue and EPS estimates have already reached their lowest point earlier this year, and we do not anticipate further significant negative revisions unless a major recession occurs.”

Investors are also eagerly anticipating potential future product releases from Apple. Bloomberg reported that the company plans to launch a new iPad in March.

Apple has not responded to requests for comments on the analysts’ reports.

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