Apple may be poised for a breakout hit with its upcoming 5G iPhone SE, potentially attracting more than a billion Android switchers.
Apple has been rumored to be preparing to release an update to the less expensive iPhone SE, an update that brings 5G to the model. According to J.P. Morgan, via Reuters, the combination of lower price point and 5G could be a winning ticket for Apple, and lead to substantial defections from the Android community.
“Apple’s trade-in program for non-iPhones is admittedly not as attractive as the iPhone trade-in values, it could nonetheless lead to an average starting price range of $269 to $399 for the 5G iPhone SE, which is still very competitive,” said analyst Samik Chatterjee. Notably, Chatterjee is rated five stars on Refinitiv Eikon for his estimate accuracy.
Apple is well known for its premium, high-end devices, a corner of the market the company has a virtual stranglehold on. If J.P. Morgan is correct, the 5G iPhone SE could help the company make major inroads in the cheaper Android market.
In the meantime, J.P. Morgan has raised its target for Apple stock from $180 to a Street high of $210.