Wedbush says iPhone 15 Pro Max is 'a clear standout'

Investment firm Wedbush reports that launch day demand for the iPhone 15 in Apple Stores matches the higher than expected pre-orders for the range.

Wedbush previously reported that it estimated pre-orders for the iPhone 15 range as a whole were 10%-12% higher than it had expected. Now in a new note to investors seen by AppleInsider, it's saying the first day of sales in Apple Stores appears to be around the same figure.

"[With] long lines already seen in China, Europe, and the US as the retail excitement for this new generation smartphone from Cupertino matches what we have been tracking online around pre-orders," write the analysts. "The big focus of consumers at the Midtown Apple Store today has been Pro Max so far as we believe a scarcity of iPhone 15 Pro Max is starting to build throughout the supply chain."

"iPhone 15 Max looks like a clear standout on this cycle," it continues.

Most of the note to investors is a repeat of the one regarding pre-orders, but Wedbush does note that "iPhone 15 pre-orders are still tracking much stronger than we and the Street originally expected and up roughly 10%-12% from iPhone 14 based on our analysis."

"Taking a step back, its all about the pent-up demand," says Wedbush, "we estimate 250 million iPhones have not upgraded in 4+ years, massive carrier discounts, and the camera technology/chips in iPhone 15 Pro/Max [are] catalyzing consumers to upgrade."

The investment firm repeats its estimate that Apple will sell around 225 million iPhones in FY24. Wedbush maintains its price target, which it raised to $240 following the "impressive" iPhone 15 launch event.