U.S. carriers' commentary suggests slower Apple iPhone16 upgrades, Piper says
** Recent commentary from U.S. carriers T-Mobile TMUS.O, Verizon VZ.N and AT&T T.N suggests a slower upgrade cycle for Apple's AAPL.O iPhone 16, says Piper Sandler
** Last week, TMUS, VZ, T gave somewhat 'subdued commentary' on the upgrade cycle, says brokerage
** "While the near-term commentary likely reflects choppier demand trends, each also noted that consumers are holding onto their phones longer, which is supported by the data in
our teen surveys"
** Reiterates it doesn't expect a 'super cycle' for iPhone 16 in H2
** Apple shares down 0.15% to $233.06 pre-market
** Apple is counting on AI features to drive upgrades to newly launched iPhone 16
** However, Piper Sandler says the main reason for upgrades is the age of the phone, not AI
** AAPL up 21.22% YTD
Reporting by Gokul Pisharody
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