Investment firm JP Morgan says order fulfillment for the iPhone 15 Pro Max is now taking a record 50 days on average worldwide, although it believes initial production delays contributed to this.
Following Wedbush’s report that overall iPhone 15 sales were up 10% over iPhone 14 sales in the first weeks, JP Morgan said all delivery times are increasing, especially for the iPhone 15 Pro Max.
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“However, lead times for the 15 Pro Max are quite long, exceeding 50 days,” the investment firm said in a note published by AppleInsider, “while lead times for other models lag 30+ or 17 days.”
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Ahead of the iPhone 15 line going on sale, JP Morgan cut its stock price target to $230 due to low expectations.
“Interestingly, the 15 Pro Max, 15 Plus and 15 have faster lead times than their predecessors (i.e. iPhone 14 Series),” he continues, “and the 15 Pro Max boasts the highest lead times we have ever seen.” -or seen. historically across all SKUs as we track lead time data (e.g., starting with the iPhone 12 Series).”
JP Morgan’s analysis is based entirely on shipment data from Apple’s website worldwide, and Apple has not disclosed any figures on the number of iPhones it sells.
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Therefore, it is impossible to be sure that the iPhone 15 Pro Max is ordered so often solely due to demand. JP Morgan notes there may
also have been a production issue that initially led to delays in the first two weeks of sales.
“In terms of interpreting this data into annual demand, supply issues (such as those related to CMOS sensors) that arose prior to the launch could contribute to the expansion of the lead,” it said. “[While] The extended delivery time for the Pro Max does offer a wider range of options than anticipated with early orders.”
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“However, with the issues resolved weeks ago and shipments increasing,” JP Morgan continues, “extending delivery times into a third week would be unusual and could be a more accurate indicator of better demand for the iPhone 15 Series compared to the iPhone 14 Series”. »
In 2022, JP Morgan noted that iPhone 14 delivery times had increased before returning to normal for the rest of the year. However, the statistics are inconsistent because the release of the iPhone 14 was so delayed due to problems in China that Apple issued a rare statement on the matter.