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Thu. 23 Sep 2021, 10:40am ETBenzinga
In: Analyst Color, Price Target, Reiteration, Analyst Ratings, Tech

Apple, Inc. (NASDAQ:AAPL) launched the iPhone 13 models on Sept. 14, and early indications regarding the uptake have been grossly positive.

The Apple Analyst: Wedbush analyst Daniel Ives has an Outperform rating on Apple with a $185 price target.

The Apple Takeaways: Preorder activity across the globe suggests that iPhone 13 preorders are running over 20% ahead of Apple's iPhone 12 launch last year, Ives said in a note.

iPhone 13 preorders look "robust out of the gate," and this is an impressive start for this latest upgrade cycle out of Cupertino, the analyst said.

China has been leading the way, with preorders approaching the 5 million/6 million mark, he said, citing data coming out of Chinese e-commerce sites including JD.com.

Related Link: How Preorders For Apple's iPhone 13 Models Are Tracking

Even as supply chain issues remain a lingering concern, delivery dates based on demand in the U.S. are tracking in-line to slightly stronger than with the iPhone 12, Ives said. This is a bullish sign coming out of the gate, the analyst said. 

The models, he, skew toward the iPhone 13 Pro and Pro Max, which is important for driving ASPs higher and overall top-line growth over the coming quarters, he said. 

Attractive carrier trade-ins and discounts from the likes of AT&T Inc. (NYSE:T) and Verizon Communications Inc. (NYSE:VZ) are pulling in significant demand, Ives said.

Many fence-sitting Apple customers are now looking to trade in their iPhones for the new iPhone 13, the analyst said. 

AAPL Price Action: At last check, Apple shares were up 0.57% at $146.68. 

Related Link: Is Apple's Stock Overvalued Or Undervalued?