Apple likely updated its iPhone builds this past weekend, according to Loop Capital, and while the firm may have shifted the mix between the iPhone 13 and the upcoming iPhone 14, it likely did not change much in the near term.
Analyst Ananda Baruah, who has a buy rating on Apple (AAPL) shares and a $180 per share price target, believes there was no material impact to the next three quarters because of the shift mix. Baruah also pointed out that Wall Street “continues to materially under-model iPhone [average selling prices],” suggesting there is a good chance iPhone revenue in the next quarter tops estimates.
Looking ahead, Baruah also said Apple (AAPL) is “well positioned” to meet and potentially exceed iPhone revenue for the next two quarters as well.
Apple (AAPL) shares fell less than 0.5% to $141.13 in premarket trading on Wednesday.
In recent days, Apple (AAPL) lowered the trade-in values for select iPhones, iPads, Macs and Apple Watch versions, as the tech giant gets ready for a product refresh later this year. Seeking Alpha