$3,500 Apple Headset? No Problem! Apple Vision Pro Blows Past Expectations, Wedbush Upgrades 2024 Sales Prediction

Apple Vision Pro's first-weekend sale surprised the analysts at Wedbush, with sales numbers estimated to be more than double what was expected.

What Happened: After tech analyst Ming-Chi Kuo said the Vision Pro pre-orders were "better than expected," analysts at Wedbush echoed similar sentiments, saying the numbers were "very impressive."

"Fast forward to pre-orders hitting the Apple website this past Friday, and based on our initial reads/delivery times, it looks like close to 180,000 Vision Pro units were sold over the weekend in a very impressive Cupertino launch."

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The consensus view was 70,000 to 80,000 units due to the hefty price tag of $3,500 and Apple's focus on getting developers to adopt the visionOS platform, to begin with, the brokerage observed in its latest note seen by Benzinga.

Kuo, too, noted that Apple sold an estimated 160,000 to 180,000 Vision Pro units in its first weekend.

Gene Munster, managing partner at Deepwater Asset Management, pegged this number at 150,000.

Apple Vision Pro will launch on Feb. 2, alongside several accessories and the AppleCare+ plan.

‘Just The Start'

After the initial pre-order surprise, Wedbush analysts are also bullish on Apple Vision Pro's prospects.

The brokerage said, "This is just the start" for the mixed reality headset as well as the category itself. While Apple Vision Pro apps currently stand at 230, the firm believes this will "double to close to 500 apps by the summer" due to increasing developer interest in this segment.

However, some major apps like Netflix Inc. NFLX, Alphabet Inc.'s GOOG GOOGL YouTube, and Spotify Technology SA SPOT, will reportedly be missing.

The brokerage also notes that future Vision Pro models could be launched at significantly lower price points and that the form factors will also become more accessible to a wider audience.

"We believe future Vision Pro models will resemble form factors that look like sunglasses over the coming years and be a much broader reach/functionality for Apple users."

Wedbush has also upgraded its Vision Pro shipment predictions – it now expects Apple to ship and sell nearly 600,000 units in 2024, over 30% higher than its previous predictions of 460,000 units.

However, it still expects Apple to hit the 1 million sales mark in the financial year 2025, echoing Munster's sentiments.

"While many on the Street are dismissing Vision Pro as noise, we strongly disagree and believe its the first step towards a much broader technology vision that Cook & Co. plan to push to its golden Cupertino installed base over the coming years."

Price Action: Wedbush maintained its "Outperform" rating for Apple, with a target price of $250. Apple's shares closed at $193.91 on Jan. 24, with the company's market capitalization just shy of the $3 trillion mark.

Apple is scheduled to report its first quarter 2024 earnings on Feb. 1, a day before the Vision Pro's launch.

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Photo courtesy: Apple