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Indebta > Markets > Stocks > Evercore says there is ‘strong initial demand’ for Apple’s Vision Pro
Stocks

Evercore says there is ‘strong initial demand’ for Apple’s Vision Pro

News Room
Last updated: 2024/02/02 at 5:04 PM
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© Reuters. Evercore says there is ‘strong initial demand’ for Apple’s Vision Pro

Evercore ISI analysts had some positive comments to share after purchasing Apple’s (AAPL) headset Vision Pro, citing strong early indications of demand for the product.

Despite logging in at the product’s 5 am PT release, in-store pick-up availability shifted quickly from an initial date of Feb. 4 to a delayed Feb. 14 for the 256GB model. Opting for the pricier 1TB option secured a Feb. 5 pick-up. Within an hour, delivery times extended to Mar.1 – Mar.8, underscoring robust demand for the product.

“We think this suggests relatively strong initial demand, although we do concede that Apple (NASDAQ:) has likely planned for limited volumes in the first year. We have seen media reports that estimate Apple is planning between 400k-1M units of production in 2024,” analysts wrote in a Friday note.

With 1 million units, the Vision Pro is expected to contribute approximately $3.5 billion in sales and enhance earnings per share (EPS) by around $0.05. The analysts anticipate a gradual increase over the next five years, projecting revenue to reach $19 billion and EPS to grow to $0.20.

“We think we will see a similar dynamic with the Vision Pro. Apple likely does not quite know exactly how to position the product or what the core use case will be, so they are going to get it into the hands of users/developers and let them figure it out,” the team said.

Evercore maintained its Outperform rating on AAPL and the price target of $220 per share. The stock was added to Evercore’s TAP list earlier today.

Read the full article here

News Room February 2, 2024 February 2, 2024
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