As Apple Inc.learns every year about this time, there’s simply no way to please every one when it comes to the latest iPhone release. We can add New Street Research into the camp of those who are less than enthusiastic about the expected offerings.
CNBC shares what the firm had to say about Apple.
The iPhone X is so popular that it just might wind up hurting Apple down the road. It has been so successful that more and more iPhone users are upgrading early, eating into demand for future generations, according to to New Street Research.
Analyst Pierre Ferragu explained in a note to client that those who recently sprung for an iPhone X don’t have much of a compelling reason to upgrade yet again. “We expect a material disappointment in 2019,” he said. “The iPhone X has been very successful and well received by consumers. It has been so successful, that we think it has brought forward demand.”
There’s only so many advancements that can be made each year at this point, but let’s remember that many analyst were saying similar things about the iPhone X when it was first introduced.
Apple Inc. shares were trading at $215.46 per share on Monday afternoon, down $2.12 (-0.97%). Year-to-date, AAPL has gained 28.78%, versus a 8.02% rise in the benchmark S&P 500 index during the same period to New Street Research.
New Street Research Downgrade Price Target: $165
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