- Though customer line-ups at Apple (AAPL -0.6%) retail locations are more subdued for the iPhone 7 release than previous iterations, Munster nonetheless suggests demand is strong.
- Estimates the company's 5th Avenue location in New York realized an approximately 400-person line vs. 650 for the 6S and 1,880 for the 6. Attributes increased online pre-ordering, the confirmed sell-out of certain configurations and a diminished presence of international resale buyers (20% of last year's line makeup) to the decline. Further notes Apple's own commentary and strong carrier demand out of AT&T, Sprint and T-Mobile.
- Maintains an Overweight rating and $151 price target (current price $114.83).