The iPhone X really is all it's cracked up to be.
Surveys at U.S. carriers on the launch of the new Apple Inc. (AAPL - Get Report) device Friday, Nov. 3 and through the weekend indicate a "healthy initial response," KeyBanc analysts wrote in a note late Sunday, Nov. 5.
"Our surveys indicate most of the stores were sold out within a few hours after opening despite limited promotional activity," analysts noted. Supply was "scarce" at T-Mobile US Inc. (TMUS - Get Report) and Sprint Corp. (S - Get Report) stores, indicating they had not received enough shipments and weren't sure when models would arrive.
AT&T Inc. (T - Get Report) and Verizon Communications Inc. (VZ - Get Report) stores estimated they will have to wait until December before they get additional shipments, but remained hopeful supply issues will dissipate soon.
"While it remains unclear what true demand is for the iPhone X given the supply constraints, we are encouraged by our initial survey results, which revealed a healthy initial demand response to the initial launch," analysts wrote.
The iPhone X, which was announced as the 10th anniversary rendition of Apple's tremendously successful line of mobile phones, offers high-tech features not before seen in iPhone models. It has facial recognition security, wireless charging and an OLED display, and costs around $999.
Promotional activity remained muted in contrast to earlier flagship phone launches, KeyBanc noted. AT&T is now offering a "buy one iPhone X, get one iPhone 8 free" with one new line added. Verizon, T-Mobile and Sprint are offering trade-in credit of up to $350 for an iPhone 7, which is similar or lower than that of an iPhone 8.
The top Apple-related suppliers, according to KeyBanc, are Broadcom Ltd. (AVGO - Get Report) , Cirrus Logic Inc. (CRUS - Get Report) , Cyprus Semiconductor Corp. (CY - Get Report) and Skyworks Solutions Inc. (SWKS - Get Report) .
Apple stock gained 0.2% to $172.85 in premarket trading Monday.
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