“Wall Street isn’t yet factoring in an iPhone launch delay” according to the Wall Street Journal’s Dan Gallagher.
From Thursday’s Journal ($):
Wall Street is so over the moon about Apple Inc.’s next iPhone that few seem to care when it will actually arrive.
Up 12% over the past month, Apple is one of only four Dow components positive for that period. The company is also now valued at more than $1.6 trillion—second only to Saudi Aramco globally. That is quite a run for a company that still makes the bulk of its money selling gadgets produced in the global pandemic’s ground zero. What is more, the current hype is mostly over one gadget in particular; analysts widely expect Apple to launch its first 5G iPhone this fall.
Apple has put new iPhones on the market in the last half of September every year since 2012. The pandemic has understandably thrown a wrench into the company’s production machine, though, given its impact on Chinese factories and travel to and from the mainland. The Wall Street Journal reported in April that production of this year’s flagship iPhones was pushed back by about a month…
That means the new iPhones are unlikely to contribute to Apple’s own fiscal fourth quarter that ends in September. But most analysts so far don’t seem to be factoring in a delay.
My take: That’s not what I’m seeing. In the note posted this morning, for example, Evercore’s Amit Daryanani factored in an iPhone launch delay until November and still raised his price target.