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Apple Stock Watch
Analyst: iPhone 3G S Launch Looks Strong
Monday, June 22nd, 2009 at 10:14 AM - by Jeff Gamet
Apple sold over a million iPhone 3G S units between June 19 and June 21, marking a solid launch weekend for the newest iPhone model. UBS analyst Maynard Um called the iPhone 3G S opening weekend "solid," and relatively successful.
"The solid, and likely better than expected, initial reception backs our survey results from Friday that highlighted a relatively successful launch," Mr. Um said.
Apple started selling the new iPhone 3G S on Friday, June 19. Shoppers lined up in advance of the 7AM store openings, and in some cases started their in-line waits a day in advance. iPhone sales seemed to remain brisk all weekend.
Mr. Um had been projecting Apple would sell about 4.5 million iPhones during its June quarter, but is considering raising that estimate. "Our current estimates for the June quarter call for 4.55 million iPhone shipments, which may prove conservative given the 1 million 3G S iPhones sold over the three-day period," he said.
While 16GB and 32GB iPhone 3G S sales were strong over the weekend, Mr. Um thinks that sales could start to shift towards the US$99 8GB iPhone 3G over time.
Mr. Um is maintaining his "Neutral" rating and $130 target price for Apple's stock. Apple is currently trading at $138.12, down 1.36 (0.98%).
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