From a note to clients by Rosenblatt Securities’ Jun Zhang that landed in by inbox Monday:
- We believe iPhone X preorders reached 5.5 million units within the first 5 hours in China, compared to 4 million units for the iPhone 8 in the first 3 days.
- The wait time for an iPhone X in China is currently 5-6 weeks, similar to the iPhone 6 Plus in 2014. The iPhone X was sold out within 10 mins in China and sold out overall in 20 minutes.
- We believe the grey 256GB model is the most popular model so far in China.
- We will continue to track preorder volume and production data points.
Zhang maintains a Neutral rating and near-Street-low price target of $150.
My take: Zhang seems to have pretty good sources in China.