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Seven analysts review Apple’s new products by “As expected”, “Sell fear” and more

Yesterday, Apple unveiled its new iPhone 14 and Apple Watch lines, as well as the AirPods Pro 2 model. Preorders will be accepted by the company throughout the next weeks, and certain items will start arriving as early as next week. Wall Street analysts’ main concerns before to the event were the costs of the iPhone 14 Pro and iPhone 14 Max. Apple kept the USD prices for all iPhone models the same, as some observers, including a Goldman Sachs analyst, had anticipated.

A Bernstein analyst noted: “Consistent with history, Apple’s stock reaction was muted yesterday (-100bps relative) and we expect the stock could largely tread water for the several months, until investors gain better visibility into the strength of the iPhone 14 cycle.” A Needham & Company analyst said: “iPhone 14 updates were mostly incremental, widely anticipated, and unexciting (to us)… The price point for iPhone 14 was the same as iPhone 13, which we think is fair. We heard no compelling reasons to swap your 13 iPhone for the new 14 iPhone.”

“Apple’s major Fall event revealed mostly incremental improvements, in our perspective,” the Goldman Sachs analyst stated. Although Apple’s stock increased a little during the day, there isn’t much cause for further optimism following a largely successful product launch. The event was broadly in line with our expectations, although some may be a little disappointed by the lack of pricing movement, according to an Evercore ISI analyst. While a large portion of the launch met expectations, an analyst for Credit Suisse added: “We believe feature/functionality places the iPhone ahead of a traditional “S” year which, combined with a week earlier of availability, may drive upside to our consensus matching F4Q22 revenue estimate of $88.9B (up 7% y/y).”

An Oppenheimer analyst noted: “Apple kept an unrivaled pace of user interface innovation, computing and camera performance improvement, and excellent cost control for its iPhone 14 family of smartphones, particularly for the higher-priced Pro/Pro Max lines. It confirms our conviction that that iPhone will continue to see favorable ASP mix and gain share over Android in a tougher macro backdrop.”

A Wedbush analyst added: “Launching 3 new core hardware products within the Apple ecosystem despite the biggest supply chain crisis seen in modern history is a major feat for Cook & Co. especially with the zero Covid shutdowns in China seen in April/May.” Apple shares are up 0.1% in premarket Thursday.

News Summary:

  • Seven analysts review Apple’s new products by “As expected”, “Sell fear” and more
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