Supercycle looms: 300 million iPhone users have not upgraded in over 4 years

Apple plans to unveil its iPhone 16 handsets at the company’s “It’s Glowtime” product launch event on Monday. Some 300 million iPhone users have not upgraded their smartphone in over four years, setting up a possible “iPhone supercycle.”
Patrick Seitz for Investor’s Business Daily:
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The iPhone 16 series will be Apple’s 18th-generation smartphone family but its first to come integrated with Apple’s flavor of artificial intelligence, branded Apple Intelligence. Apple AI will use both on-device and data-center processing with a focus on privacy and security.
Morgan Stanley analyst Erik Woodring said he expects Apple’s event to “heavily feature AI integration on the new iPhone 16.”
“Apple Intelligence remains the key to unlocking pent-up iPhone demand and accelerating (the) replacement cycle,” Woodring said in a recent client note.
Woodring rates Apple stock as overweight, or buy, with a price target of 273.
Wedbush Securities analyst Daniel Ives thinks the iPhone 16 will kick off a “supercycle” of upgrade activity among iPhone users.
“We are seeing more indications across the Asia supply chain over the past few weeks (that) this iPhone upgrade cycle could be a historical one, setting the stage for a supercycle as currently we estimate roughly 300 million iPhones globally have not upgraded in over 4 years,” Ives said in a client note.
Ives rates Apple stock as outperform with a price target of 285.

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MacDailyNews Take: That’s a lot of pretty old iPhones just waiting to be upgraded!

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