Bank of America says demand for the iPhone is still strong despite reports of Apple cut back production of some models.
in early March. An iPhone 12 Pro Max, the newest model available for trade-in, is now worth $650 as opposed to $700 before the launch, the note said. The analysts argue this shows demand is still strong since Apple doesn't need to pay as much to convince people to trade in older iPhones for new models."This compares to the year 2019 when Apple was offering high trade-in prices vs 3rd parties to drive upgrades," the analysts said.
"Separately, China has imposed another round of lockdowns in Shanghai; however, as we previously pointed out companies have learned to manufacture through COVID and Apple/Foxconn have the ability to relocate production to other areas and, as of now, we do not expect a material impact from these shutdowns."it conducted in January showed 25% of respondents still owned an iPhone 8 or earlier. Old iPhone users are the target audience for the iPhone SE.