A Bank of America (BoA) analyst, who correctly predicted that the iPhone 12 would not go on sale in September 2020, is now suggesting that we might see a similar iPhone 15 delay.
BofA Global Research analyst Wamsi Mohan said in an investment note that this year’s iPhone lineup may again go on sale in October rather than September …
iPhone 12 delay, back in 2020
Back in March of 2020, some six months before the expected launch of the iPhone 12 line-up in September, Mohan said that the new models wouldn’t go on sale until late October.
Bank of America analysts released a report predicting that the flagship 5G iPhone series could be delayed by a month as another example of the COVID-19 coronavirus impact on the supply chain.
This proved correct, though the delay was even longer for two of the four models. The base model iPhone 12 and the iPhone 12 Pro shipped to customers on October 23, with the mini and Pro Max not doing so until November 13.
iPhone 15 delay likely, of a few weeks
Mohan is saying that checks with companies in Apple’s supply chain suggest that the iPhone 15 will also be delayed, though this will be in the order of “a few weeks.”
Barron’s saw the investment note.
BofA Global Research analyst Wamsi Mohan on Wednesday raised his price target on Apple shares to $210, from $190, but reiterated his Neutral rating on the stock. He noted concerns that iPhone sales for the September 2023 fiscal year could miss consensus estimates.
In a research note, Mohan said that June quarter results, due to be reported on Aug. 3, are likely to be “mostly inline” with Street estimates [but] is concerned that fourth-quarter guidance could disappoint the Street, saying that his channel checks find that the launch of the iPhone 15 could be delayed by a few weeks, pushing the debut of the next-generation phone into the December quarter. He now sees September quarter revenue of $87.1 billion, well below consensus at $91.6 billion
Such delays are significant from the perspective of Apple’s financials. The traditional late-September launch puts early sales into calendar Q3, which is Apple’s fiscal Q4. A delay into October or November means that these sales are instead logged in the following financial year.
9to5Mac’s Take
Mohan’s track record here suggests the prediction certainly shouldn’t be dismissed – though the iPhone 12 call was a much easier one, given known pandemic-related hold-ups, and other sources also pointing to delays.
If he’s right, we can expect other supply chain sources to corroborate before too long.
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