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Investing.com -- Bank of America reiterated its Buy rating on Apple in a note Monday, citing stronger-than-expected early demand for the iPhone 17 lineup, with pre-order shipping times outpacing those of last year’s iPhone 16.
The bank maintained its $270 price target on the stock.
“Our tracking of iPhone ship dates on Apple’s own website, and various carrier websites, indicates that as of Sep 15th (three days after preorders started on Sep 12th), ship time (in days) for the iPhone 17 Pro and Pro Max models are extended compared to last year at this point in the pre-order cycle,” BofA analysts wrote.
BofA noted that globally, the iPhone 17 Pro’s average ship time stands at 18 days, compared with 14 days for the iPhone 16 Pro.
The iPhone 17 Pro Max currently has a 25-day wait, versus 23 days last year. The base iPhone 17 has an average ship time of 19 days, up from 10 days for the iPhone 16, marking “the highest since the iPhone 11, which indicates healthy demand,” according to BofA.
In China, delays are said to be more pronounced, with iPhone 17 Pro ship dates reaching 25 days, roughly a week longer than other regions. BofA said the postponed launch of the iPhone Air in China due to pending eSIM approval “could be causing some demand spillover to the other models.”
Despite extended waits for the flagship models, the iPhone Air shows the strongest availability, with global ship dates averaging just six days.
BofA reiterated its bullish stance, citing “strong capital returns, eventual winner on AI at the edge and optionality from new products/markets.”