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

Buying the iPhone 15 Pro Max in Sydney, Australia (Source: Apple)

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.