Expected delivery dates for the iPhone X when ordered from Apple's website have shrunk to 2-3 weeks from 3-4 weeks recently, Rosenblatt Securities analyst Jun Zhang said in a note to clients on Tuesday. He chalked that up to Apple ramping up production as well as consumer pushback to the device's price tag, which starts at $999.
"We continue to believe that the high price points remain a significant concern with consumers," Zhang said.
He believes Apple might bring down the cost of the iPhone X by offering a version with an LCD screen instead of an OLED screen next year. That LCD-screen handset could be called the iPhone 8S, he said.
Consumers also appear to be skipping the company's midrange iPhone 8 series handsets in favor of less expensive, year-old iPhone 7 series handsets, Zhang said.
"Our research suggests Apple increased iPhone 7/7 Plus production before the holiday season by 3 to 4 million units but also cut iPhone 8 production by the same amount for December," Zhang said. "In our view the average, mid-end consumer is choosing an iPhone 7 over the iPhone 8, whereas high-end consumers are more likely to choose an iPhone X."
Zhang reiterated his buy rating on Apple stock with a price target of 180.
Apple shares gained 1.9% to close at 173.14 on the stock market today.
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