Apple AAPL held its annual product showcase this week, during which it announced the launch of three new iPhone models: iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. The last two devices feature an OLED display while the former has a liquid-crystal display. The $50 drop for the newest least expensive model supports our belief that Apple’s switching costs have a limit and thus merit a narrow–not wide–economic moat rating. Thus, we are not forecasting a rebound in iPhone unit sales this year, particularly in China, where we believe 5G will be a bigger factor as many Android devices already include 5G modems.
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