“Apple is still cool,” writes Piper Jaffray’s Michael Olson.
From a note to clients that landed in my inbox Tuesday:
Apple’s share of smartphone ownership increased for the sixth consecutive Piper Jaffray Taking Stock With Teens survey. Of ~6,000 respondents, 82% have an iPhone, the highest percentage we have seen in our survey (up from 78% in Fall-17). The iPhone may have room to move higher with 84% of teens anticipating their next phone to be an iPhone, also the highest ever recorded in our survey (up from 82% in Fall-17). Android was the runner up with 11%, down from the fall. The Apple Watch was the top smartwatch among teens, garnering 15%, with the Samsung Gear next on the list at 2%. About 20% of teens plan to purchase an Apple Watch in the next six months, up from 17% in the fall. Overall, we view the survey data as a sign that Apple’s place as the dominant device brand among teens remains intact…
The Apple Watch remained the #1 smartwatch among teens. While 80% of respondents do not own a smart watch (down from 83% in the fall), 15% own an Apple Watch, up from 12%. The Samsung Gear was the runner up with 2% (flat). Purchase intent increased materially with 20% of teens saying they plan on buying an Apple Watch in the next 6 months vs 17% in our Fall-17 survey.
Reiterates Overweight rating and $200 price target.
My take: These are relatively well-heeled teens. Half come from zip codes where the average family income is $100,000. The rest, $55,000.