Apple iPhone XS, XS Max preorders ‘weaker compared to iPhone X preorders,’ says Rosenblatt

Rosenblatt Securities analyst Jun Zhang wrote Monday that he gauges preorders for the iPhone XS and iPhone XS Max to be "weaker compared to iPhone X preorders" a year earlier. He estimates that 10 million iPhone XS and XS Max preorders were placed during the first three days they were available, based on his examination of wait times and his projected weekly production volume from manufacturers. He expects that Apple Inc. AAPL, -1.61% will produce 35 million to 36 million of the two devices in the September and December quarters combined, whereas he believes the company produced 36 million iPhone X models a year ago. He has a buy rating and a $200 price target on the stock. Instinet analyst Jeffrey Kvaal also commented on iPhone preorder trends, writing that both carrier promotions and iPhone shipment times look similar to year-ago levels. He rates the stock at neutral with a $210 price target. Apple didn’t immediately respond to a MarketWatch request for comment on preorder trends. Apple shares are down 1.9% in Monday morning trading, though they’re up 37% over the past 12 months. The Dow Jones Industrial Average DJIA, -0.02% of which Apple is a component, has gained 17% in that time.

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