Despite the pre-order frenzy a week ago, shoppers are lining up in droves to get ahold of Apple's new iPhone 6 and iPhone 6 Plus and the favorite so far is the larger screen model. Wells Fargo analyst Maynard Um surveyed lines outside Apple Stores in New York City Friday morning, and he found over 60 percent were hoping to get an iPhone 6 Plus, and they want the 64GB and 128GB models.
iPhone 6 Plus is the fan favorite today
Mr. Um said,
We conducted our annual survey of early iPhone buyers at locations in New York. Most notable was shift to 64GB and 128GB models versus prior launch surveys and greater popularity of 6 Plus. Of those surveyed, 67 percent intended to buy the 6 Plus versus 33 percent the 6. Additionally, 33 percent planned to purchase the 128GB versus the last two launches for the highest-end model of 22 percent and 17 percent.
In other words, people want big: big screens and big storage.
Apple introduced the 4.7-inch iPhone 6 and the 5.5-inch iPhone 6 Plus at a media event earlier this month. Both include a new Apple-designed A8, 8MP cameras with improved sensors, improved displays, NFC chips for mobile payments, redesigned bodies, and more.
Mr. Um's survey showed 38 percent of the iPhone buyers he surveyed want a 64GB model while 33 percent are after a 128GB model. Compared to the iPhone 5s launch, 33 percent wanted the 32GB model and 22 percent wanted the 64GB version. Those equate to the mid-storage and large-storage versions for last year and this year iPhone models.
He added that 39 percent of the people he surveyed were already AT&T customers, 16 percent were on Verizon, 10 percent were T-Mobile, and only 4 percent were Sprint customers. That means AT&T is seeing the highest number of upgrade customers compared to its competitors this year — at least among the customers waiting in line Friday morning at Apple's New York City retail stores.
Today's long lines coupled with last Friday's pre-order sell out will give Apple's bottom line a boost, according to Mr. Um, especially since customers are more interested in the bigger size model and higher storage capacities, both of which come along with higher prices.
Mr. Um is maintaining his "Market Weight" rating and target price range between US$89 and $99 for Apple's stock. Apple is currently trading at $101.62, down 0.17 (0.16%).