Analyst: Apple needs ‘significant price cuts’ on iPhone XR, rein in their ‘pricing hubris’

“Apple’s ‘pricing hubris’ on its midrange iPhone XR was the main factor in the company’s weak December-quarter sales, a Wall Street analyst says,” Patrick Seitz reports for Investor’s Business Daily. “Apple stock was down Monday.”
“Wedbush analyst Daniel Ives says Apple will need to cut pricing on the device to get back on track. In a report to clients, he said he expects ‘significant price cuts’ on the iPhone XR,” Seitz reports. “These will come in the coming months as the company course corrects, Ives says.”
“‘As we have discussed with investors, it has been Apple’s pricing hubris on iPhone XR that was the major factor in the company’s December-quarter earnings debacle,” he said,” Seitz reports. “Roughly 750 million iPhones in use worldwide. Of those, Ives says about 350 million are candidates for upgrades over the next 12 to 18 months. That includes 60 million to 70 million iPhones in the Greater China region, Ives said… Ives reiterated his outperform rating on Apple stock with a 12-month price target of 200.”
Apple’s A12 Bionic-powered iPhone XR comes in six new finishes: white, black, blue, yellow, coral and (PRODUCT)RED.
 
Read more in the full article here.
MacDailyNews Take: Whatever it takes to move product until the next big iPhone upgrade impetus arrives (5G) in 2020 (hopefully).
Apple should do everything they can and then some to make the 5G-capable iPhone as attractive as possible to those who’ve previously settled for Android-based iPhone wannabes.