AAPL stock is trading at $146.19 as of 01:01 PM EDT.
Indicating “flattish” year-over-year growth for the September quarter, UBS, an investment firm, pointed out that wait times for the new iPhone 14 product line have decreased. This news caused Apple (NASDAQ:AAPL) stock to decline on Thursday.
UBS’s Evidence Lab dataset, which monitors 30 nations, reveals around 48 million iPhone units sold for the September quarter, according to analyst David Vogt, who rates Apple (AAPL) as a buy and has a $185 per share price objective. Vogt stated that the data reveals “elevated” wait times for Apple’s (NASDAQ:AAPL) high-end iPhone 14 Pro and iPhone 14 Pro Max compared to last year, but the entry-level iPhone 14 is “readily available,” and wait times for the iPhone 14 Plus – scheduled to be released on Friday – are at about 7 to 8 days across most regions.
Stronger demand for the more expensive iPhone 14 models has mostly been offset by lower-end shipments, according to a research note by Vogt, “as we expected based on our checks and analysis of procurement trends.”
AAPL stock outlook
In premarket trade, Apple (NASDAQ:AAPL) shares were down slightly, reaching $145.83. Continuing strength in the U.S. currency, according to Vogt, is likely to negate any benefits from higher average selling prices for the iPhone 14 Pro and iPhone 14 Pro Max as well as the extra week in the September quarter of this year. Vogt continued, estimating that iPhone revenue will be $41.8 billion for the quarter, a little below the $42.2 billion consensus projection.
With recent rumors of diminishing App Store revenue, Bank of America analyst Wamsi Mohan stated in a separate note that App Store trends frequently precede product movements. As a result, owners of Apple (NASDAQ:AAPL) may want to keep an eye on this development.
Mohan said in a note to clients that “in our perspective, the recent App store deceleration reflects a broader lower spend intention.” Evercore, an investment group, has said that the lengthening wait times for Apple’s (NASDAQ:AAPL) iPhone 14 Pro models show significant demand.
Apple Stock Loses $120 Billion Because Of A Rare Downgrade
Featured Image – Megapixl © Streetka2004
Author Jowi Kwasu 
