Rosenblatt upgrades Apple, citing 'substantial interest' in high-end iPhone, Apple Watch
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Apple (NASDAQ:AAPL) shares fell on Thursday even as investment firm Rosenblatt took the other end of a bull-bear debate and upgraded the tech giant, citing "substantial interest" in the company's new iPhone 14 Pro Max and Apple Watch Ultra.
Analyst Barton Crockett raised his rating on Apple (AAPL) to buy from neutral while boosting his price target to $189, noting that after surveying more than 1,100 adults in the U.S. about Apple's (AAPL) new products, it's likely the enthusiasm for the high-end devices is global. 
"Some 29% of respondents to our census representative survey of U.S. adults said they already had or expect over the next 12 months to buy iPhone 14 -- including 33% of current iPhone owners and 18% of Android owners," Crockett wrote in a note to clients, adding that the implications are that there is a base of 75M people in the U.S. who want the new smartphone.
Separately on Thursday, investment firm Bank of America hit Apple (AAPL) with a rare downgrade, citing worries over weaker consumer demand.
Delving further, two-thirds of survey respondents wanted pricier models, with 40% wanting the iPhone 14 Pro Max. The second choice was the iPhone 14 Pro, coming in at 26%.
Apple (AAPL) introduced Emergency SOS satellite capabilities with the new iPhone 14 product line, which Crockett said was "resonating" with consumers and puts the tech giant at a technological advantage. 
"Apple appears to have a year or two + lead over rivals in offering this -- initially in the U.S. and select countries, and over time elsewhere," the analyst wrote, adding that 42% of respondents said the feature was "very appealing" and 40% said it was "somewhat appealing."
Consumers also appear to be highly interested in the Apple Watch Ultra, geared towards extreme fitness and sports enthusiasts.
Twenty-three percent of survey respondents said they would buy one of the new Apple Watch units announced, including 47% of that segment wanting to buy the new Ultra, which is priced at $799 and up. 
The analyst noted that the survey was conducted online via SurveyMonkey on September 20 and has a margin error of 3%. 
Taiwan Semiconductor reportedly told Apple (AAPL), its largest customer, that it would raise prices going into 2023, but the world's largest company by market cap told the global foundry no deal.
Analysts are largely cautious on Apple (AAPL). It has a HOLD rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates AAPL a HOLD.