Apple iPhone 15 series should have ‘more balanced’ upgrades – Nomura

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Nomura analysts said in a note to clients Monday that they believe Apple (NASDAQ:AAPL) iPhone 15 series should have more balanced upgrades for the lower-end and higher-end in the 2H23F, unlike the iPhone 14 series.

“This could lead to a more balanced mix between lower-end and higher-end shipments for i15 (vs the 65-70% share of the mix for the higher-end Pro series for i14, but a miss on total volume, given the weakness in lower-end versions),” wrote the analysts.

The analysts added that Nomura believes the upgrades in lower-end iPhone 15 and iPhone 15 Plus are more distinguishable to end consumers than the prior generation.

“1) lower-end i15 models will have new dynamic island design with pill-and-hole LTPS OLED displays (6.1” for i15, 6.7” for i15 Plus); 2) they will have main cameras (wide) upgraded to 48MP with image sensor size at 1/1.5” (slightly smaller than the i14 Pro’s 48MP sensor size, but much better than i14’s 12MP one); and 3) they will use the 4nm A16 (vs i14’s 5nm A15),” outlined the analysts.

“Meanwhile, the upgrades for higher-end i15 Pro and i15 Ultra (or Pro Max) are less significant to consumers (except for the periscope camera, 8GB DRAM, and haptics-feedback buttons.”