Less than a month ago, KGI analyst Ming-Chi Kuo predicted that sales of the Apple Inc. (NASDAQ: AAPL) iPhone 7 line would decline in the first half of 2017 as a result of weak demand in China, slow volume shipments of the 4.7-inch iPhone in the first fiscal quarter of 2017 (the current quarter at Apple), and no new iPhone SE in the second quarter of 2017.
According to a report in 9to5Mac, Kuo estimated first quarter shipment volume of 40 to 50 million units, less than the 51.2 million shipped in the same quarter of fiscal 2016. Second-quarter volume will decline from 40.4 million units in the same quarter of 2016 to 35 to 40 million units.
On Thursday KGI said it expects Apple to sell 120 to 150 million iPhones in the second half of 2017, beating the old record set with the release of the iPhone 6 and 6 Plus.
According to 9to5Mac, KGI expects Apple to release 3 new iPhones in 2017: a major redesign that is known as the iPhone 8 plus improvements to the iPhone 7 and 7 Plus. KGI analysts expect all new models to feature wireless charging. The revamped iPhone 7 line is expected to include an all-glass casing, along with new cameras and upgrades to the chips.
The new iPhone 8 is believed to be a curved-screen, bezel-less device that will include its Home button integrated with the screen.
If Apple meets the second-half projects it would easily beat the 110 to 120 million sales record for the iPhone 6 and 6 Plus.
Apple stock traded up about 0.1% Tuesday afternoon at $111.72 in a 52-week range of $89.47 to $119.86. The stock’s 12-month consensus price target is $131.00.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.