Piper Sandler Survey on iPhone 16 Upgrade Intentions

According to Piper Sandler's latest "Taking Stock with Teens" Fall 2024 survey, upgrade intentions for Apple’s iPhone 16 have dipped slightly compared to previous years.

The survey gathered responses from around 13,500 teens and revealed that only 22% plan to upgrade to the iPhone 16 this Fall or Winter. This is a decline from 23% in the Fall 2023 survey and 24% in the Fall 2022 survey.

However, the report noted a modest increase from earlier this year, with 20% of teens expressing upgrade intentions in Piper Sandler’s Spring 2024 survey.

Despite this slight rise, the firm stated that the data suggests no clear supercycle for iPhone upgrades in the calendar year 2024.

Piper Sandler highlighted that only about 30% of teens plan to upgrade any of their Apple (NASDAQ:AAPL) hardware in the next six months, due to the introduction of Apple Intelligence. This figure was lower than expected, despite the hype surrounding Apple’s new features.

The survey results indicate that many teens are using iPhones that are, on average, three generations behind the iPhone 16, yet the upgrade cycle may not be as aggressive as anticipated.

Overall, Piper Sandler maintains a neutral stance on Apple stock, with a price target of $225. "Based on the responses, we continue to believe the stock is fairly valued at current levels, as the data does not suggest a CY24 super cycle," stated Piper Sandler.