Good news for Apple: Percentage planned iPhone upgrades this year is increasing

A new survey suggests that a growing percentage of consumers in the U.S., U.K., China, and India plan to upgrade their smartphones in the year ahead, which bodes well for iPhone sales and Apple stock, an analyst says.
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Patrick Seitz for Investor’s Business Daily:

A BofA Securities survey of consumers in the U.S., U.K., China and India shows a higher intent to upgrade smartphones this year, BofA analyst Wamsi Mohan said in a note to clients Thursday.
In the January survey, 30% of respondents said they plan to upgrade their smartphones on an annual basis. That’s higher than the 23% level recorded in March 2020 at the start of the Covid pandemic. However, it’s still below the 32% level from December 2019 before the pandemic.
“Overall intent to upgrade to an iPhone has been trending positively with a corresponding drop in intent to purchase competitor phones,” Mohan said. “Customer loyalty for Apple remains strong with 67% of current iPhone users intending to buy an iPhone during their next upgrade, which compares to 55% for Samsung, 49% for Huawei and 37% for Xiaomi.”

MacDailyNews Take: During the December quarter, Apple set an all-time revenue record for iPhone when the percentage planned iPhone upgrades was down!
Mohan has a “Buy” recommendation on Apple stock and his BofA price target set at $215.
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