On Friday, Apple Inc. (NASDAQ:AAPL) launched the iPad Air in the U.S, and a total of 42 geographies were launched on November 1 (Friday) at 8:00 am. How did it go? According to a new research note which came out on Friday afternoon, by Brian J. White, CFA of Cantor Fitzgerald, the sales are strong.
White states “as of this afternoon, we are noticing certain iPad Air models in NYC are starting to sell out, while Hong Kong sold out quickly last night and shipping times are expanding in China.”
More details from the report on Apple Inc. (NASDAQ:AAPL) iPad Air sales below
- · Grand Central Busier than Fifth Avenue This Morning. Our survey of New York City stores showed a preference for the Grand Central Apple store this morning with a healthy line of at least 200-250 people; however, we easily walked into the fourth position at the Fifth Avenue Apple store and quickly purchased the iPad Air. In our view, this morning’s rain in NYC may have forced more consumers indoors to the Grand Central Station location. Additionally, the China arbitrage opportunity around the iPad Air does not exist, as China was part of Apple’s first phase launch; therefore, incremental iPad purchases from buyers at the Fifth Avenue Store were much less prevalent with this refresh.
- · Certain iPad Air Models Start to Sell Out in NYC this Afternoon. Our survey work this afternoon highlights certain iPad Air models are starting to sell out in NYC. One of the stores has already sold out of all 16GB and all 128GB iPad Air models, while another store indicated that stock for all WiFi + Cellular models with AT&T, Verizon and T-Mobile are getting very low. Another store indicated that all iPad Air models with Sprint are sold out, and certain models with Verizon are sold out already.
It will be interesting to see some post-coverage on the iPad from White and other Apple analysts. White has a $777 price target on shares of Apple Inc. (NASDAQ:AAPL). On Friday, shares of the tech giant closed at $520 a share.