However, adds analyst David Vogt, demand for the iPhone 12 and Mini is softer. Sticking with Neutral rating and soggy $115 price target.
From a note to clients that landed on my desktop Monday morning:
Anecdotal checks across U.S. carriers, UBS Evidence Lab’s Availability study, and our Asia team’s procurement work collectively suggest modestly stronger than expected iPhone 12 Pro and Max demand relative to our forecast while initial iPhone 12 and Mini demand appears to be softer.
Our Asia team has increased their 2H:20 iPhone 12 series procurement estimate to 77.5M from a prior forecast of 73M reflecting strength in the Pro and the Max modestly offset by softness in the 12 and the Mini…
However, we believe the market is already likely pricing in iPhone units above 75M in the December quarter and 8-10% above the street estimate of 214M in FY2021.
Maintains Neutral rating and $115 price target.
My take: Who ya gonna believe, your Evidence Lab or your lying eyes?