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Apple (NASDAQ: AAPL) continued to shine in Piper Sandler’s 41st Semi-Annual Teens Summing Up Survey.
The results showed that 88% iPhone ownership and 90% iPhone purchase intent were all-time highs for the survey, up from 85% and 88%, respectively, in the spring of the 20th.
“We believe that penetration growth and intentions are important to the maturing premium smartphone market,” said analyst Harsh Kumar. “In addition, these trends are encouraging as the company continues to release new 5G iPhones that could significantly update the product cycle. We think these positive trends could catalyze further service growth as Apple’s install base grows. ”
In addition, the share of smartwatch owners among teenagers has grown to 34% from 31% in the spring of 2020. Apple Watch ownership climbed to 28% from 25% last spring. Apple Watch buying intentions have declined slightly, with 13% planning to buy in the next 6 months versus 17% in the Spring 20 survey.
When it comes to payments, cash is still the main payment method for teens, followed by Apple Pay. Venmo is the most used payment app.
Kumar has an overweight rating and a target price of $ 160 in AAPL.
For a summary of analyst ratings and Apple’s rating history, click here. To learn more about Apple ratings, click here.
Apple shares closed at $ 126.21 yesterday.