Apple’s iPhone X sales are strong despite negative media reports that have stated the contrary. That’s the claim being made by a Wall Street firm who is standing by their positive assessment of Apple’s shares. The investment analysts at Rosenblatt Securities have stated that they will maintain their buy rating for Apple shares which they’ve priced at $180. This is based on their “solid” sales forecast of the iPhone X, CNBC reports.
This contradicts a report published in Taiwan’s Economic Daily which said that iPhone X demand would be lower than expected in the first quarter of 2018. As Reuters reports, they claimed that Apple is about to drastically reduce its sales forecast for the iPhone X to 30 million units. This is a huge drop from the original forecast of 50 million units. The newspaper used anonymous sources to back up its claim.
Apple has not issued an official rebuttal to these claims, however. An Apple spokesperson told Reuters that their company policy is that they don’t comment on market speculation in the press. They also haven’t released a public statement of their sales forecast for their new phone, but Apple CEO Tim Cook has said he “couldn’t be happier” with iPhone X sales thus far.
The new iPhone was launched in November and the base model costs $999. The price of Apple shares climbed by 45 percent in 2017 before the launch. But according to Reuters, there was a price dip after the iPhone X launch. It slumped by 2.5 percent to $170.57 on December 26.
There are some analysts who agree that Apple’s sales forecast will be lower than expected. CNBC notes that JL Warren Capital has predicted that Apple will ship 25 million units of the iPhone X because consumers can’t stomach the “high price” and the lack of “interesting features.” Chicago-based Loop Capital has said they expect iPhone sales to reach 40 to 45 million units in the first quarter.
Despite all of the early hype that typically comes with an Apple product launch, the iPhone faced some negative press just weeks after it was released. As the Inquisitr previously reported, some reviewers complained that it was difficult to use with one hand and that it was not worth its hefty $1,000 price. And then there are the iPhone X’s Face ID issues. As BGR reports, one of the more recent problems with the phone’s sophisticated facial recognition software has been that you can’t use it to approve purchases by trusted family members. You have to input your Apple password manually to do so.