Apple’s iPhone 5 launch was ‘epic’

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Apple’s iPhone 5 launch was ‘epic’
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Apple’s iPhone 5 launch was ‘epic’

Expectations were sky-high ahead of Apple’s (AAPL) iPhone 5 launch last week, and the company’s stock took a hit when opening-weekend sales failed to reach some industry watchers’ expectations. Analysts told clients to expect iPhone 5 sales to reach as high as 10 million units during its first three days of availability, but Apple announced on Monday that its new flagship smartphone sold 5 million units during its first weekend of availability. But even though Apple’s stock has dropped more than $35 since hitting a record high of $705.07 ahead of the iPhone 5′s release, one analyst still says Apple’s new iPhone launch was still “epic.”

“Don’t be fooled by 3-day iPhone 5 tally, this is an epic launch,” wrote Topeka Capital Markets analyst Brian White in a recent note to investors.

“We thought it would be helpful to put this launch into perspective versus the iPhone 4S on a few other metrics,” White said. “We believe indicators such as 24-hour pre-orders for the iPhone 5 vs. the 4S, along with pre-order sell out time, post pre-order shipping time and time to sell out at retail stores are more indicative of the strength of the iPhone 5 cycle than yesterday’s three-day sales number that we believe was held back by supply constraints.”

White pointed to a number of factors in substantiating his claim that the new iPhone’s debut was epic:

White reiterated his Buy rating on shares of Apple stock and he maintains his 12-month price target of $1,111.

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