Sep 29, 2022 (PressReach.com via COMTEX) -- Rosenblatt upgraded Apple stock on Thursday, taking the opposite side of the bull-bear debate, citing “substantial interest” in the tech giant’s new iPhone 14 Pro Max and Apple Watch Ultra. However, Apple stock fell on Thursday.
As a result of polling over 1,100 U.S. adults on Apple ( NASDAQ:AAPL ) new products, analyst Barton Crockett upgraded Apple (AAPL) to buy from neutral and increased his price target to $189, speculating that interest in the company’s high-end gadgets is widespread throughout the world.
According to Crockett’s note to clients, “some 29% of respondents to our census representative survey of U.S. adults said they already had or expect over the next 12 months to buy iPhone 14,” with 33% of current iPhone owners and 18% of Android owners indicating an interest in purchasing the new smartphone.
On Thursday, investment firm Bank of America downgraded Apple stock , citing waning consumer demand.
Two-thirds of those polled preferred more expensive versions, with 40% preferring the iPhone 14 Pro Max. The iPhone 14 Pro came in second, with 26% of the vote.
According to Crockett, Apple’s /zigman2/quotes/202934861/composite AAPL -2.54% new iPhone 14 product line, which includes Emergency SOS satellite capabilities, is “resonating” with customers and gives the tech giant a technological edge.
The analyst noted that 42 percent of respondents found the function “extremely intriguing,” while 40 percent found it “somewhat appealing,” and that Apple looks to have a year or two Extra start over competitors in delivering this -- first in the U.S. and select nations, then over time abroad.
The Apple Watch Ultra, designed for the most dedicated athletes, also seems to have strong consumer interest.
Twenty-three percent of poll respondents indicated they would purchase one of the new Apple Watch units, and 47% of that category prefer buying the new Ultra, priced at $799 and higher.
The poll was conducted online on September 20 using SurveyMonkey, and the analyst stated its margin of error to be 3%.
According to reports, Taiwan Semiconductor informed Apple /zigman2/quotes/202934861/composite AAPL -2.54% , its biggest client, that it will increase pricing beginning in 2023; nevertheless, the largest firm in the world by market valuation said no agreement.
The consensus among analysts is one of extreme caution regarding Apple stock. Apple stock gets a HOLD rating from Seeking Alpha writers, but Wall Street analysts give it a BUY.
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Author: Shariq Khan
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