JP Morgan: iPhone 13 Outpacing Previous Models

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24 MARCH 2022 - When it comes to Apple’s dominance of the premium smartphone space, one might well expect more of the same. Apple Insider has written up a note from JP Morgan analyst Samik Chatterjee. According to that note, iPhone 13 is crushing it. The piece has Chatterjee indicating that sales of the 13 line “remain elevated compared to prior lineups despite supply constraints…” According to the piece:

…Chatterjee writes that incremental datapoints support the investment bank's positive outlook for iPhone 13 demand in 2022. In fact, Chatterjee predicts record 2022 volumes on the iPhone 13 cycle, which has eclipsed the iPhone 12.

That said, carrier checks show a bit of a slowdown in iPhone sales. That’s due partly to the launch of the Samsung Galaxy S22 and partly other Android phone makers working through supply chain issues. When I say “a bit of a slowdown” though, I do mean a bit. The piece has Chatterjee indicating that “Shares of Apple's iPhone moderated to below 70% at Verizon and T-Mobile stores.” Sure, Apple would rather see 70 or above, but they’re not below 50. They’re not below 60. They’re not doing bad. According to the analyst:

…Apple’s share remains above historical levels compared to typical seasonal share and Wave7 Research believes the data supports a structurally higher market share vs. past share.

Plus, they’ve got a whole new phone- have you heard? Quoting the analyst again:

With the recent launch of the iPhone SE 3, we expect older models to continue their decline in popularity, as the 5G-enabled SE 3 now presents an affordable 5G phone for the installed base of older phones.

Chatterjee has a positive rating on Apple shares. His price target on the shares is $210.