Apple (AAPL) has unveiled Self Service Repair, the company’s new program that will be available early next year in the U.S. and expand to additional countries throughout 2022. Shares of the tech giant closed 1.7% higher on Wednesday.
The new program will allow customers, who are willing to complete their own repairs, access to Apple genuine parts and tools. Markedly, customers have joined over 5,000 Apple Authorized Service Providers (AASPs) and 2,800 independent repair providers who have access to these parts, tools, and manuals.
Self Service Repair will be available initially for the iPhone 12 and iPhone 13 lineups, followed by Mac computers featuring M1 chips.
Initially, the program will be focused on the most common services, including the iPhone display, battery and camera. Service for additional repairs will be available later next year.
The COO of Apple, Jeff Williams, said, “Creating greater access to Apple genuine parts gives our customers even more choice if a repair is needed. In the past three years, Apple has nearly doubled the number of service locations with access to Apple genuine parts, tools, and training, and now we’re providing an option for those who wish to complete their own repairs.” (See Apple stock charts on TipRanks)
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Wall Street’s Take
Recently, Wedbush analyst Daniel Ives maintained a Buy rating and a price target of $185 (20.53% upside potential) on the stock.
“Apple is on pace to sell about 40 million iPhones between Black Friday and Christmas which would be record holiday pace for the company despite the lingering chip shortage limiting iPhone supply globally by roughly 10 million units based on our analysis,” the analyst estimates.
The analyst added, “We estimate in China alone there are roughly 15 million iPhone 13 upgrades for the December quarter as this key region remains a major source of strength for Apple heading into 2022 and beyond.”
The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 21 Buys, 6 Holds and 1 Sell. The average Apple price target of $166.92 implies 8.75% upside potential. Shares have gained 30% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Apple’s performance.
According to the tool, Apple’s website recorded a 15.99% monthly decline, year-over-year, in global visits in October. Meanwhile, year-to-date website growth, compared to year-to-date website growth in the previous year, came in at 18.45%.
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