Apple rises as iPhone 15 goes on sale, Wedbush says Pro demand 'very' strong
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Apple (NASDAQ:AAPL) shares rose in pre-market trading on Friday as the iPhone 15 officially went on sale, with several Wall Street firms weighing in on the initial launch.
Wedbush Securities analyst Dan Ives said demand for the iPhone 15 Pro and Pro Max are still "very strong," with long lines seen in China, Europe and the U.S. 
"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," Ives, who has an outperform rating and $240 price target on Apple, wrote in a note to clients.
Ives added that pre-orders are higher than he and most of Wall Street expected and supply chain checks into Asia show that Apple (AAPL) could ship 85M units and perhaps as many as 90M, citing "eye-popping" promotions from carriers such as AT&T (T), Verizon (VZ) and T-Mobile (TMUS) and others.
Conversely, Bank of America analyst Wamsi Mohan said that carrier incentives are not likely to be a "major" driver of demand, as they look "similar" to last year. 
"[S]ubsidies for the new iPhone 15 series seem similar to promotions given last year for iPhone 14; hence, we donât see incentives driving significant incremental y/y unit growth," Mohan wrote in an investor note, adding that consumers still have to pay for an upfront cost if the phone is advertised as zero cost. 
"If a customer receives financing for the new iPhone 15 and trades-in an iPhone that qualifies for $830 bill credits, upfront payment can potentially total up to $100 ($255 including Apple Care) under eligible unlimited data plans and commitment of 2-3 year contract," Mohan wrote in a note, adding that upfront costs for the iPhone 15 Pro Max could be as high as $539, including Apple Care+. 
Mohan maintained his neutral rating on Apple (AAPL).

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