The strong demand for the newly released iPhone 15 family of devices is encouraging for Apple , according to Goldman Sachs. Apple launched its new range of iPhone 15 devices last Tuesday , and began opening pre-orders on Friday across more than 40 regions. The devices will become available starting Sept. 22, and will be expanded into 21 additional markets on Sept. 29. There’s currently more than eight weeks of delays for select phones in certain regions, suggesting that demand is outpacing supply, Goldman said in a Monday note. The firm has a buy rating on shares. Its price target of $216 on shares suggests 23.4% upside from Friday’s close. “We view the extended lead times for the iPhone 15 Pro and iPhone 15 Pro Max as a positive indication of consumer demand and for increasing price/mix, but recognize that there is little transparency into supply, which could be impacted by potential supply chain constraints, particularly in the Pro Max,” analyst Michael Ng said. “Separately, we’re encouraged by US carrier promotions available for the iPhone 15 family of devices, which appear largely consistent with year-ago and provide opportunities for consumers to cover the full purchase price of a new phone with an eligible trade-in,” he added. Major carriers such as Verizon are holding promotions for the iPhone 15, which will support demand. However, Ng noted that the most attractive promotions often require consumers to hold some of the newer, more expensive plans. Regionally, mainland China is experiencing some of the longest lead times for the iPhone 15 Pro and the Pro Max, according to Ng. The Pro currently has lead times around 4.5 weeks, while the Pro Max has lead times from six to eight weeks spending on the color. “Although we recognize that there are caveats to extrapolating delivery lead times to consumer demand, we’re encouraged by what appears to be strong demand, particularly against the backdrop of heightened competition from Huawei,” said Ng. Shares of Apple advanced more than 2% Monday afternoon. The stock is up nearly 38% year to date. —CNBC’s Michael Bloom contributed to this report.
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