BofA Securities analysts expect Apple Inc (NASDAQ:AAPL) to launch the iPhone 15 on September 12, 2023, at its Wonderlust event, as pricing of the new iPhone and shipping dates remain a key focus for investors.
In a note to clients, they maintained their ‘Neutral’ rating and $210 price objective on Apple stock, citing positives of the new product launches, including VisionPro, being offset by a weak consumer backdrop.
"We assume iPhone 15 launches at the same price(s) as iPhone 14, however Apple could choose to increase the price of the 15 Pro models (assuming that the high-end consumer is less price sensitive) and leave the pricing for lower end models unchanged," the analysts wrote.
They added that at least some models of the iPhone 15 could start shipping as early as September 22, but the broad availability of the iPhone 15 Pro Max might be October given some manufacturing challenges.
Analysts at BofA noted that enhancements expected in iPhone’s premium line (Pro and Pro Max) include: A17 Bionic chip based on 3nm lithography; 8GB RAM versus 6GB in the earlier Pro models; periscope-type telephoto lens with up to 6x optical zoom (only for the Pro Max) and; design changes (slimmer display bezels, titanium frame and new colors).
Finally, they believe as in years past, Apple’s share price may decline slightly after the event (sell on the news) but typically recover 30 days to 60 days post event.
Shares of Apple rose 1.8% to $187.35 in late-afternoon trading on Wednesday and have gained 50% year to date.
Contact Sean at sean@proactiveinvestors.com