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Wait times for the iPhone 14 Pro models are now four to six weeks for Apple customers and are expected to increase in November.
In a note to investors seen by AppleInsider, investment firm Wedbush sees encouraging demand for the iPhone 14 Pro line. Analysts Daniel Ives and John Katsingris believe the iPhone 14 Pro mix is up 85% to 90% versus the iPhone 13 Pro mix around 60% to 65% at this point in the cycle.
Overall demand tracking is 8% to 10% ahead of the firm's expectations for the iPhone 14 Pros. Apple will likely face supply issues if demand keeps at this pace during the holiday season, and sales could continue into early 2023.
Indeed, supplier Han Hai has already been ordered to shift some of its iPhone 14 production to the Pro models.
Sales are strong in China, and Wedbush believes approximately 30% of Chinese iPhone owners may upgrade to the iPhone 14 line. Out of the gates, retail servers in the country crashed as consumers placed over two million orders in total for the Pro line in the first 24 hours.
Earlier, other researchers showed that the iPhone 14 Pro Max demand exceeds the iPhone 13 Pro models in another way. Analysis from investment bank Morgan Stanley showed it had the longest lead time of any model released in the last six years at similar times after debut, at 36.5 days. However, the iPhone 14 Pro was on par with iPhone 13 Pro models at 29.5 days.
JP Morgan recently shared data saying iPhone 14 Pro has an average delivery time of 35 days, and the Pro Max is at 41 days.
Wedbush maintains its Apple price target of $220 that it raised in August 2022. This target is based on a 19x multiple for Services at $1.6 trillion and a 7x multiple for Hardware at $2.1 trillion.