Apple Inc will likely see an increase in iPhone sales, thanks to the rollout of 5G networks worldwide and the possibility of augmented/virtual reality glasses coming later this year, Bank of America said.
Analyst Wamsi Mohan noted that as the world comes out of the pandemic, replacement cycles for smartphones are “re-normalizing,” pointing out that a January 2022 survey found that 30 percent of respondents are likely to upgrade their phones every year, higher than the 23 percent in March 2020, but still below the 32 percent seen in December 2019.
Mohan reiterated the firm’s Buy rating and $215 price target, some 23 percent higher than current levels.
By Anusuya Lahiri
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