Analyst: iPhone sales are ‘less volatile to consumer spending’


Analyst: iPhone sales are ‘less volatile to consumer spending’

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Wajeeh Khan

May 30, 2022

Raymond James’ Chris Caso sees some pent-up demand for iPhone this fall.

He has a “buy” rating on Apple Inc with a price target of $190 a share.

Shares of the tech giant are down nearly 20% versus the start of the year.

Shares of Apple Inc (NASDAQ: AAPL) are struggling to pull out of the “red” this year, but Chris Caso continues to see upside to $190 in the stock.

Highlights from his interview on CNBC

The Raymond James’ expert forecasts strong sales for the iPhone in the fall of 2022. Explaining why on CNBC’s “Squawk on the Street”, he said:

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The last two years, Apple has been constrained by iPhone sales. In 2020, it was COVID, there was supply constraints last year. So, there’s some pent-up demand for iPhone this fall as we didn’t convert as many people to 5G the last two years.

In April, the American multinational reported a 5.5% (better-than-expected) increase in iPhone revenue for its fiscal second quarter.

iPhone sales and the consumer weakness

According to Caso, iPhone sales are a bit more protected against the inflation-driven weakness in consumer spending. Speaking with CNBC’s Carl Quintanilla, he noted:

iPhones are generally priced in monthly terms, on instalment plans. It’s a fairly big-ticket item that’s priced over time. So, it’ll be a little less volatile to consumer spending. If it’s time for your iPhone upgrade, you’ll probably be able to afford it.

Apple, over time, has diversified into services and other products but the Raymond James’ analyst still dubs strong iPhone sales a key to pushing the stock price up.

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