AAPL - Apple's Booming iPhone Base Set to Boost Services and Device Sales BofA Analyst Forecasts | Benzinga
B of A Securities analyst Wamsi Mohan maintained Apple Inc (NASDAQ:AAPL) with a Buy rating and a $230 price target.
Mohan flagged that the global iPhone installed base (IB) was about 1.2 billion units at the end of 2023.
The used iPhone IB has been growing faster than the new iPhone IB, albeit off a smaller base (2017-22 CAGR of 16% vs. 3%), and he expects the higher growth rate to continue (2022-26E CAGR of 15% vs. 2%).
According to the analyst, a larger IB can eventually drive higher service consumption and sales of incremental devices (halo effect).
The iPhone IB in the Rest Of The World has been growing faster than in other regions, and given the Emerging Markets opportunity, he expects ...