Apple’s new iPhone is coming soon. The analyst sees positive signals on demand.

Lead times for the more expensive Pro and Pro Max models are higher than lower-priced options, JPMorgan analyst Samik Chatterjee wrote in a research note on Wednesday, an observation made by analysts across Wall Street.

But Chatterjee said an internal tracker that uses delivery and pickup data across multiple countries each week also showed that lead times for lower-end options are larger than those for lower-priced iPhone 14 models. “[This] “This may be an indication of better demand for these models compared to the iPhone 14 Series range,” Chatterjee said.

High inflation and high interest rates have reduced consumers’ purchasing power for a while. Retailers across the board have noticed that shoppers are appearing more cautious and trading up for less expensive options. What worries Apple investors is that consumers will delay upgrading their phones to the latest models.

Fiscal third-quarter revenue from product sales fell 4% from a year earlier as a result of changes in exchange rates and an “uneven macroeconomic environment,” Chief Financial Officer Luca Maestri said in the company’s last earnings call on Aug. 3.

The shipping delays and longer lead times cited by Chatterjee are a positive sign about demand.

Write to Angela Palumbo at [email protected]