Maxim Group noted that Apple is facing a decline in retention of iPhone products, saying a survey it conducted gave the agency “enhanced confidence” in its selling ratings. Analyst Nehal Chokshi wrote in a note to customers that “survey data show a worrying increase in iPhone user turnover”, with the drop rate rising from 5 per cent to 9 per cent in terms of installed user base, suggesting that 9 per cent of iPhone users plan to abandon Apple products.
The inflow rate was 7 percent, down from 13 percent in the 2017 survey, Chokshi wrote.
Chokshi confirmed the company’s target price of $190; Apple closed Tuesday at $259.45. Apple has risen nearly 50 percent since its June low.
Apple has 27 buy, 14 holdings and seven sell ratings, with an average target price of $259, according to the data.