By Carly Forster
This past weekend was the first weekend the iPhone 6 and iPhone 6 plus were available for purchase in apple stores throughout the globe. With that said, the company sold over 10 million iPhone 6’s, beating last year’s opening weekend of iPhone 5S and iPhone 5C sales by 1 million. Due to a launch delay, the number of iPhone 6’s sold this weekend does not include potential sales that could have been made in China.
The launch delay in China this weekend was due to lack of inventory available to ship. “While our team managed the manufacturing ramp better than ever before, we could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible,” Chief Executive Officer Tim Cook said in the statement.
Shares of Apple Inc. (NASDAQ:AAPL) opened at $101.80 on Monday, September 22nd. The technology giant has a 1-year high of $103.74 and a 1-year low of $67.77. The stock’s daily moving average is $101.36 and has a 50-day moving average of $99.25. The market cap for Apple is $605.13 billion and its P/E ratio is 16.95.
On September 22nd, Cowen & CO. analyst Tim Arcuri reiterated an Outperform rating for Apple with a $110 price target. He reasoned, “Given the absence of China in the initial wave of 6/6+ launch markets, we view the results as solid, if unspectacular, though we note this weekend’s number was always going to be gated on the upside by the delayed China launch (which we think AAPL is working feverishly to resolve). Net, we think this result further validates our AAPL thesis and recent U.S/China consumer survey results suggesting iPhone 6/6+ is well-positioned to deliver record NTM iPhone unit sales, given the favorable combination of competitive, market and iOS installed base dynamics.” Arcuri currently has a 74% success rate recommending stocks, earning a +17.2% average return per recommendation. He has also rated Apple 17 times, earning a 94% success rate recommending the stock.
Similarly on September 22nd, Piper Jaffray analyst Gene Munster also maintained an Outperform rating on Apple with a $120 price target. He noted, “While it is difficult to determine what sell-through is vs channel fill in the 10 million number, we believe that sell-through could be around 8 million vs 2 million in channel fill. We believe this would imply 45% y/y growth vs our 5.5 million 5S sell-through estimate from last year.” Munster currently has a 72% success rate in making recommendations, earning a +27.9% average return per recommendation. He has also rated Apple 119 times, earning a 75% success rate in recommending the stock.
On average, the top analyst consensus for Apple is Moderate Buy.
To see more recommendations for Apple Inc. (NASDAQ:AAPL), visit TipRanks today!
Carly writes about stock market news. She can be reached at Carly@tipranks.com