Apple’s Stock Nears Record High After Positive iPhone Availability Update

Shares of Apple Inc. surged on Monday, nearing a record high after an optimistic assessment on iPhone availability was published by J.P. Morgan. This improvement was particularly driven by the base model of the new iPhone 16 series, giving investors renewed confidence in Apple’s market performance.

Analyst Insights from J.P. Morgan

Analyst Samik Chatterjee highlighted that, in the third week since the order openings for the iPhone 16 commenced, J.P. Morgan’s Apple Product Availability Tracker indicated a positive trend towards shorter delivery lead times. This is a significant change from the initial bloated lead times observed for the Pro models, which Chatterjee attributed to a mix of supply chain factors and high-end consumers biding their time for Apple’s anticipated artificial intelligence software, Apple Intelligence.

Stock Performance Overview

On the heels of this encouraging news, Apple’s stock price increased by 2.3% on Monday, elevating its standing among the Dow Jones Industrial Average’s (DJIA) components to the best performer of the day. The stock closed at $233, marking its highest closing price since it reached a record high of $234.82 back on July 16, 2023. Additionally, with this upward movement, the stock is now up 0.7% for the month of September, marking the fifth consecutive month of gains.

Understanding the Lead Times

Chatterjee noted that the narrowing gap in delivery lead times between the base and Pro models over the past week indicates that initial slower demand for the Pro models might just be a temporary issue. As interest in Apple Intelligence continues to grow, so too might consumer interest in the Pro models. In Week 3, delivery times averaged 10 days for the iPhone 16 and 5 days for the iPhone 16 Plus, down from 17 days and 16 days respectively in Week 2. Notably, the lead times for the Pro models remained unchanged, averaging 23 days for the 16 Pro and 29 days for the 16 Pro Max.

Comparative Analysis with Previous iPhones

When compared to last year’s offerings, delivery-at-home times for the iPhone 15 models averaged 17 days for the 15 and the 15 Plus and 29 days and 46 days for the 15 Pro and 15 Pro Max, respectively. This data suggests that although the overall lead times for the iPhone 16 models are still lower relative to the iPhone 15 series, the trend towards improved delivery timelines is a positive indicator for Apple’s product demand moving forward.

Year-to-Date Stock Performance

As of now, Apple’s stock has rallied 21% year to date, surpassing other industry benchmarks. The Technology Select Sector SPDR exchange-traded fund (XLK) has increased by 16%, while the broader Dow has advanced by 12.3%.

Conclusion

The recent advancements in iPhone availability, particularly concerning the iPhone 16 models, coupled with a strategic outlook from J.P. Morgan analysts, has bolstered investor confidence in Apple Inc. As the tech giant continues to innovate and release new software such as Apple Intelligence, market analysts and consumers alike are eager to see how this will impact stock performance in the coming months. If these trends continue, there is potential for Apple to reach new heights in both stock price and market capitalization.

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Apple’s Stock Surges Near Record High Fueled by Positive iPhone 16 Availability Insights