J.P. Morgan: iPhone 12 Pro outselling the cheaper iPhone 12

According to analyst Samik Chatterjee lead times for Apple’s newest high-end phones are comparable to those for the low-end ($399) iPhone SE.

From a note to clients that landed on my desktop Sunday:

In summary, we see lead times tracking on average at ~13/~24 days for iPhone 12/12 Pro, with lead times for the 12 Pro materially higher than the 12; additionally, the early lead times are quite similar to what we saw with the SE launch and positive demand drivers should lead to expansion of lead times heading into week 2 of ordering based on the precedent set from the SE launch earlier this year.

Maintains Overweight rating and $150 price target.

Cue the charts:

apple jpmorgan iPhone 12 lead times

apple jpmorgan iPhone 12 lead times

My take: Adding the usual caveat that we can’t compare use delays to measure demand without knowing the supply.

3 Comments

  1. Michael Goldfeder said:
    Even with the limit data available, it appears to be yet another successful launch of iPhones in advance of the holiday season! Tim Cook and Apple are always ahead of the analysts and their projections.

    2
    October 18, 2020
  2. Gregg Thurman said:
    I don’t see how one can make any conclusions based on lead times alone.

    2
    October 18, 2020
    • John Konopka said:
      Agreed. People used to be able to do exit surveys outside a few Apple stores to try to get an estimate of sales. Harder now that everyone’s buying online.

      0
      October 19, 2020

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