'IPhone Pro' will arrive on time but in limited quantities, JPMorgan says

Key Points
  • JPMorgan says the iPhone Pro, also known as the iPhone 8, will arrive on time.
  • The bank believes reports of delays are "dated reverberations."
  • JPMorgan expects a higher iPhone average selling price around $1,100.
'IPhone Pro' will arrive on time but in limited quantities, JPMorgan says

JPMorgan said Wednesday the Apple iPhone Pro, also often referred to as the iPhone 8, isn't delayed.

Instead, the bank said, Apple's highest-end iPhone will launch on time but will only be available in limited quantities at first.

This follows several reports around Wall Street that have suggested Apple's iPhone won't launch until October or even December, due to issues related to embedding a fingerprint reader into the phone's screen.

"Importantly, we do not believe that Apple's production schedule is still changing materially with most current delay reports simply dated reverberations of decisions Apple made back in the spring," JPMorgan's Rod Hall said in a note to investors. "We expect a small amount of late September EMS [electronics manufacturing service] output for the Pro model and then ramping production through October with target output levels achieved in late October/early November."

The firm expects the iPhone to cost more due to higher production costs and has increased its expected average selling price of the iPhone by $100 to $1,100. The company said it's retaining its December 2018 price target of $165.

The new iPhone, whether it's called the iPhone 8 or the iPhone Pro, is expected to offer new features including a brighter and more colorful OLED screen from Samsung, wireless charging and face recognition.