Local business’s are ready to pick up your pallets today, Free.
Give us a call
Get your Pallets Picked up
In the absence of commentary from Apple (AAPL), securities analysts continue to pore over data points to determine whether the iPhone 7 is selling well or not.
KGI analyst Ming-Chi Kuo raised his sales estimate on the iPhone 7, but still says Apple's latest smartphone will sell fewer units than last year's iPhone 6S, AppleInsider reported Sunday.
Kuo now expects Apple will sell 70 million to 75 million iPhone units before year-end, up from his previous forecast of 65 million. He cited two factors: the recall of the Samsung Galaxy Note 7 because of battery fires and the popularity of the dual-camera iPhone 7 Plus models.
Reports of sold-out models and brisk sales at some wireless carriers are largely the result of production constraints and aggressive carrier promotions, Kuo said.
IBD'S TAKE: Several megacap tech stocks have hit pivot points recently. Are Apple, Alphabet and Facebook still buys?
With the latest iPhone, Apple broke with its tradition of providing first-weekend sales. It claimed the statistic means little since it is more a factor of supply than demand. The iPhone 7 series handsets went on sale Sept. 16.
On Friday, Apple stock fell 1.7% after news reports citing data from research firm GfK pointed to weak iPhone 7 sales in Europe.
Apple stock, though, was up 0.1% at 112.84 in late afternoon trade on a down day for the overall stock market today. Shares are above a 110.33 buy point.
Piper Jaffray analyst Gene Munster on Sunday reiterated his overweight rating on Apple stock and price target of 151.
"We remain positive on shares of Apple on our continued belief in an iPhone 7 cycle in-line with iPhone 6 and up midteens year over year vs. the iPhone 6S," Munster said in his research report.
Piper checked with 134 Apple stores for in-store iPhone 7 availability. It found that only 20% of iPhone 7 models were available for purchase, with the majority being standard iPhone 7 handsets, not the supply-constrained iPhone 7 Plus, he said.