Apple stock is making gains in Tuesday trading, bolstered by early indicators of strong demand for its new iPhone lineup.
Adam Clark and Mackenzie Tatananni for Barron’s:
The latest move puts Apple shares in line for a golden cross—a technical term for when an asset or index’s 50-day moving average moves above its 200-day moving average.
On average, Apple stock gains 9.1% in the six months following a golden cross and 18.5% for the 12 months following the moment of crossover, according to Dow Jones Market Data.
“While it is still very early days, lead-times for delivery are indicating that demand for all the new variants launched on Sep 9th is tracking modestly ahead of [the] iPhone 16 series,” wrote J.P. Morgan analyst Samik Chatterjee in a research note on Sunday. Chatterjee tracked lead-times across key markets, including the U.S., China, Germany, and the U.K.
He added that the higher demand was particularly notable for the base iPhone 17 version as well as the thinner Air model. He has an Overweight rating on Apple stock.
BofA Securities analysts conducted their own analysis and found the ship times for iPhone 17 Pro and Pro Max models were extended compared to last year.
Additionally, “the ship dates for the iPhone 17 are the highest since the iPhone 11, which indicates healthy demand,” the BofA team wrote. “Among regions, ship dates in China and Japan are, on average, one week higher than other regions.”
MacDailyNews Take: Again, regardless of whether the conclusion is positive or negative:
You cannot measure demand based on shipping times without knowing how much supply Apple has in hand… and where and how those supplies are allocated in each geographic area. – MacDailyNews, September 17, 2024
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