Apple on Tuesday unveiled four different iPhone models, including the iPhone 12 mini, a 5.4-inch model starting at $699; a 6.1-inch device starting at $799, a 6.1-inch Pro model starting at $999, and a 6.7-inch pro model starting at $1,099.
Wall Street analysts generally gave the new phones a collective thumbs up, praising the advent of 5G and the pricing of the handsets, though were slightly more suspect of how much demand there will be for the new models.
Piper Sandler analyst Harsh Kumar called the pricing dynamics of the phones "...the killer app for the phone launch,” while Loup Ventures’ Gene Munster said the iPhone 12 mini "...hits the magic $699 price point.”
Wedbush Securities’ Daniel Ives also expressed optimism that the pricing lineup would be enough to convince current iPhone owners to upgrade, noting that “350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity.”
Other analysts including Morgan Stanley’s Kathryn Huberty and Needham’s Laura Martin spoke in actions vs. words, raising their respective one-year price targets on Apple.
Martin assigned a buy rating to Apple and set a price target of $140, while Huberty maintained her overweight rating on the shares, though raised her one-year target to $136 from $130.