There is a divergent picture of demand developing for Apple ‘s newest lineup of iPhones, according to Bank of America. Analyst Wamsi Mohan said in a note to clients on Monday that the ship dates for the iPhone 14 Pro and iPhone Pro Max — which have higher average selling prices than the standard iPhones — have extended projected shipping times compared to prior launches. That could be a sign of strong demand, with more customers putting in early orders for the more expensive phones. But that appetite does not appear to exist down the lineup, where the iPhone 14 and iPhone 14 Plus have shrunken wait times compared with prior years. “The iPhone 14/14 Plus offer lesser differentiation than the Pro models as they have a similar form factor and same chip as last years’ iPhones. This could be driving customers to shift into the iPhone 14 Pro/Pro Max models which bodes well for mix and ASP, in our opinion. However, this might also suggest weaker demand overall for iPhone 14, which could be concerning,” Mohan wrote. One wrinkle this year is that the iPhone 14 Plus isn’t officially ready for shipping until Oct. 7, instead of on the same day as the rest of the new models. That change and component shortages could be impacting the year-to-year comparisons of shipping times, Mohan cautioned. Bank of America has a buy rating and a $185 per share price target for Apple. The stock closed at $150.70 per share on Friday. Shares of Apple are down 15% year to date.
