An Apple Inc (NASDAQ:AAPL) analyst tracking iPhone 17 lead times shows the new smartphone is outperforming its predecessor.
The Apple Analyst: JPMorgan analyst Samik Chatterjee maintained an Overweight rating on Apple with a $255 price target.
Read Also: Apple Stock To Get Boost From ‘Awe Dropping’ iPhone 17 Event? Not So Fast Says Past History
The Analyst Takeaways: Lead time for the iPhone 17 in the United States, China, Germany and the United Kingdom are higher than the iPhone 16 in the same comparable time frame, Chatterjee said in a new investor note.
"Early trends imply better demand," Chatterjee said.
Apple announced the iPhone 17 recently, with pre-orders beginning on Sept. 12 and the smartphone available on Sept. 19.
"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 iPhone 16 Series during Week 1."
Chatterjee said the tracking shows that there is higher demand for the iPhone 17 Base version and for the iPhone 17 Air version "with upside more notable in Base."
The analyst said demand for the Base version is ramping "faster than internal expectations."
Demand for the Pro versions is in line with previous years, which Chatterjee said "does not necessarily imply softer demand."
Across the regions tracked, the lead time was 14 days, 7 days, 15 days and 24 days respectively for the iPhone 17 Base, Air, Pro and Pro Max versions. This compares to the lead times of the iPhone 16 Base, Plus, Pro and Pro Max of 5 days, 2 days, 14 days and 21 days, respectively.
The lead time for all four models was higher compared to the previous iPhone version across the global regions tracked.
In the United States, the lead time for the iPhone 17 Base model was in line with the iPhone 16, while the iPhone 17 Pro versions were tracking ahead of the previous iPhone year-over-year for the U.S. region.
In China, lead times for all models available were "long" according to the tracker. The iPhone 17 Air is not currently available in the region.
AAPL Price Action: Apple stock is up 0.9% to $236.25 on Monday versus a 52-week trading range of $169.21 to $260.10.
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