Apple US iPhone 15 Pro demand looking strong; China, Japan less so, Evercore says
Shahid Jamil
Apple (NASDAQ:AAPL) iPhone 15 Pro deliveries in the U.S. are looking strong while demand in China and Japan has been slightly weaker, Evercore ISI said.
The new phones have been available for pre-order since September 15 in most places, and lead times for the more expensive Pro models have remained "broadly stable" everywhere but China and Japan. 
The firm, which has an Outperform rating and a $210 price target on the U.S. tech giant, said that the Pro and Pro Max models of the new iPhone are seeing time to first delivery estimates of 35 days in the U.S., while in China, those are 18 and 25 days, respectively. Japan's lead time is 32 days for both versions.
The devices are highly relevant to Apple's (AAPL) financial health. For the most recent quarter, iPhones generated 48.5% of overall revenue, while services, the next highest contributor to sales, totaled 26%. The stock is up nearly 38% year-to-date, and down 5.3% in the past five days. Shares closed up 0.3% on Friday.
Other countries tracked were similar to U.S. lead times at more than 30 days on average for the Pro and Pro Max models. 
For the lower-end models, most countries remain stable with Japan being the exception. 
The base models have shorter delivery times across all regions of about 9 to 18 days, which points to a strong mix of higher priced iPhone 15 Pro and Pro Max models, analysts led by Amit Daryanani, explained.
Overall, U.S. lead times are tracking better versus a year ago, while China lead times are worse, the firm said. Compared to last year, delivery times are comparable for the Pro Max, higher for the Pro and 15 base models, and slightly lower for the Plus. 
"Delivery times could be a reflection of strong demand or weak supply â though we suspect given the variation in wait times that this data set more likely suggests higher demand," the analysts explained.
In the UK and Germany, time to first delivery for the two Pro models was of 32 days. 
Delivery times referenced in the story represent the free delivery option. In the U.S., some iPhone 15 models can be delivered faster should the customer choose to pay an extra delivery fee.

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