J.P. Morgan: 8 out of 10 iPhone 14 preorders are for the Pro or Pro Max

Purchases of the iPhone 13 slowed in September, says analyst Samik Chatterjee, as if buyers thought the 14 was worth waiting for.

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

Recent surveys from Wave7 Research into US sales trends across various carriers indicate that iPhone 13 share moderated in August, in anticipation of the iPhone 14 launch in September, which, as per some sources at a national retailer, is expected to fare better than iPhone 13. The moderation in iPhone 13 share by about 500 bps across service providers in August compares with limited moderation into the iPhone 13 launch but a similar 500 bps moderation into the iPhone 12 launch, implying that consumers were anticipating substantial reasons to delay purchases and upgrade/ buy the iPhone 14 and could bode well for iPhone 14 volume outlook even though it likely hurts Sep-Q sales of older iPhones. Additionally, in a survey conducted by Wave7 Research (in collaboration with other research groups), customers are showing more interest towards Pro models, with combined preference of iPhone 14 Pro and Pro Max models being as high as 80%.

Maintains Overweight rating and $200 price target.

My take: Another sign that ASPs are rising like the tide.

10 Comments

  1. Greg Lippert said:
    And yet AAPL is doomed…..

    5
    September 23, 2022
    • David Emery said:
      And Apple is clearly catering to the rich…

      1
      September 23, 2022
  2. Romeo A Esparrago Jr said:
    “As if the 14 was worth waiting for …“
    As if!

    2
    September 23, 2022
  3. Aaron Belich said:
    AAPL will be taken down to $120-130 once we get the typical supply chain cuts non-sense that rolls around end of October and mid to late January, as well as sell the news with whatever Apple reports at the end of October.

    The beachball coming out of the water come spring / summer is going to be moving something fierce.

    2
    September 23, 2022
  4. Fred Stein said:
    The market is truly nuts.

    While the stock price goes down, the price of out-of-the-money calls goes up. Clearly, some people want to bet on the beach ball.

    2
    September 23, 2022
  5. John Konopka said:
    This would be puzzling if you thought the Pro versions were like gilded lilies. On the other hand, if you view the iPhone as a utilitarian device, then the Pro versions are worth it. For only about $200 more you get the better iPhone. And the reviewers are in agreement that the Pro versions are much better iPhones.

    4
    September 23, 2022
  6. Jonny T said:
    I’ve been testing out the 14 Pro (bought at an Apple Store even!), and it’s – of course – a work of art as you’d expect. But, the game changer is the camera that shoots ProRaw at 48 megapixels – beautifully. For all those millions of people who bought, Leicas, Canons, Nikons et al over the years, they ARE going to want to own this camera – there is no doubt in my mind. It could be another ‘6’ year coming up.

    5
    September 24, 2022
    • Rodney Avilla said:
      I appreciated your comments. My wife told me she didn’t want a 14 pro, her 12 works just fine. “Silly to waste the money.” So I bought her one anyway. My only reason- the cameras. She takes tons of pics and video (grandkids and traveling). I can’t wait, once she gets it, to takes some pics, and blow them up on the computer so she can see the difference. I’ll be getting the Pro Max for the same reason

      0
      September 24, 2022

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