A series of analysts’ reports continue to demonstrate stronger demand for Apple’s (NASDAQ:AAPL) new iPhone 17 compared to the iPhone 16 at this time last year.
The most recent comes from Bank of America, which finds longer lead times for the basic iPhone 17 model but similar year-over-year lead times for the Pro and Pro Max models. As of September 22, the average ship time for the iPhone 17 is 18 days compared to 10 days for last year’s iPhone 16.
“The ship dates for the iPhone 17 are the highest in China, with demand likely driven by 1) 15% government subsidy on electronics for which the iPhone 17 base variant is eligible and 2) unavailability of iPhone Air in China as carriers await regulatory approval,” said BofA analysts, led by Wamsi Mohan, in an investor note.
The average ship time for the iPhone 17 Pro is currently at 15 days compared to 14 days last year. Meanwhile, the iPhone 17 Pro Max lead time of 21 days matches last year. The iPhone Air has the shortest global shipment date at two days.
“In general, a model with a differentiating form factor would likely have increased demand,” Mohan said. “Apple could have anticipated this and stocked sufficient inventory, which could explain the lower ship times.”
BofA maintains its Buy rating and $270 price target on Apple.
Other financial firms, including Morgan Stanley, J.P. Morgan and Wedbush have all noted stronger year-over-year demand for Apple’s basic iPhone 17 model.
And late last week, a report surfaced that Apple was pushing its two largest iPhone assemblers in China to increase daily output for the standard iPhone 17 by as much as 40%.
Apple shares have climbed about 7% since the iPhone 17 became generally available on Friday, Sept. 19.