Apple enthusiasts lined up throughout the U.S. and in China for the launch of two new iPhone models, which drew the longest-ever line for an iPhone device—but one pro cautioned that it's not time for an Apple "victory lap" yet.
At 8 a.m., the line at Apple's 5th Avenue flagship store in New York City was 1,417 people long, said Gene Munster, an analyst at Piper Jaffray. This is 83 percent longer than for the iPhone 5 at the same time, said Munster, who's kept records of the lines since 2008. He noted that many of the buyers were international buyers.
"So far, it seems to be off to a healthy start, which is somewhat of a surprise given it's the essentially the same hardware," Munster said.
Ahead of the launch, analysts had been subdued about the new models, saying that with the exception of the 5S's new fingerprint scanner, they didn't have the "wow" factor to differentiated them from other phones on the market.
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"I think near term investors were pretty down on the iPhone launch and lineup," Munster said said. "So far, I think the demand is better than they would have thought, which is positive."
"This is a good start and surprise to analysts who had pretty downbeat expectations," he added. "But the next question is 'Are they going to be able to make enough of them?' and second 'What is the fade going to look like — are things strong for six months or six weeks? We don't know that yet. This is clearly a good start, but you cant take your victory lap yet."
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Munster has an "overweight" rating and a $640 price target on the company's shares.
Apple shares inched higher in trade following the iPhone launch. (Click here to track the company's stock.)