Gene Munster’s bull case for Apple iPhone: 15% growth in FY25 and 17% in FY26

Longtime Apple analyst Gene Munster believes iPhone revenue will grow at 15% in FY25, compared to the Street’s estimate of 7%. For FY26, Munster expects 17% growth versus the Street’s 8%. The most significant factor in Munster’s estimate is his belief that 8% of the iPhone installed base will upgrade early in FY25, and 14% in FY26.
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