RBC Survey Reveals Higher Average Selling Prices for iPhone 7
According to a recent survey carried out by RBC Capital Markets, the average selling prices of iPhone 7 models are higher than consensus estimates, The Street reports.
The survey notes that the average selling prices for the new iPhones are flat to slightly higher year-over-year, although analysts are modeling average selling prices down between 5% and 10%. RBC said that a $120 premium and stronger demand for the iPhone 7 Plus will also benefit prices.
“While we realize expectations are getting high, we think Apple could show not only modest revenue upside in the September quarter, but more importantly, provide a more robust December-quarter guide that would be materially ahead of street expectations,” RBC stated.
Meanwhile, TheStreet Ratings team rates the Apple stock as a “buy” with a ratings score of B+, saying that it has objectively rated AAPL according to its “risk-adjusted” total return prospect over a 12-month investment horizon. “We feel Apple’s strengths outweigh the fact that the company has had sub par growth in net income”.
Shares of Apple were steady in pre-market trading on Friday after closing up on Thursday.