A Wedbush analyst is still hopeful about Apple (NASDAQ:AAPL) before the highly anticipated announcement of the iPhone 14 on September 7.
Related: Apple’s iPhone 14 series will be available soon: A look at historical pricing and what to anticipate in the future.
In regards to the first purchase of 90 million iPhone 14 devices, Apple’s supply chain inspections have proven to be “very rigorous.”
“This speaks to the underlying demand story that Apple predicts for this next iPhone release,” the analyst wrote in a client note, citing estimates that 240 million of the 1 billion iPhone owners around the world had not upgraded their phones in more than 3.5 years.
He is particularly optimistic in light of the robust average selling prices (ASPs) resulting from the consumer’s move to the iPhone Pro and Pro Max.
The analyst went on to say, “The price of the standard iPhone will stay the same, but we expect the price of the iPhone 14 Pro/Pro Max to go up by $100 because the price of its parts has gone up and it has more features.”
The market expects Apple to sell about 220 million iPhones in fiscal year 2023, which he says is a “likely low threshold” for the company to pass.
Related: Is your iPhone giving crooks and stalkers access to your exact location?
The analyst stated, “We estimate that around 30 percent of iPhone users in China are in the window for an upgrade cycle.”
