Apple stock price plunged more than 2% after launching 5G supported smartphones and iPads on Tuesday in a closely watched event.

The world’s largest tech company has introduced a $99 HomePod Mini in white and space gray color and new 5G supported iPhones including a 6.1-inch iPhone 12 and mini 5.4 inches iPhone 12. The company has also launched the iPhone 12 Pro (6.1-inch) and Pro Max (6.7-inch) with 128GB of storage.

AAPL Apple Inc. daily Stock Chart

Despite the launch of the new iPhone 12 series, Apple stock price dropped at the end of yesterday’s session. Shares of Apple are currently trading around $121, down from a 52-weeks high of $137 a share.

Piper Sandler’s survey has contributed to the share price drop. This is because the survey indicates that only 10% of respondents plan to upgrade to 5G iPhones this year.

The results of the survey indicate that people are not excited about the upgrade, meaning lower sales for iPhone 12, at least in the short-term. The main concern of respondents is the lack of purchasing power.

On the positive side, the survey of 1000 Americans shows a quarter of respondents are inspired by the Apple watch 6. However, only 8% of those seeking to purchase a new watch.

The company’s market value dropped by more than $81 billion after the fall launch event. The analysts are expecting almost 350 million iPhones shipments amid upgrades. The reports show that almost 950 million iPhones are eligible for an upgrade.

Recently, Wedbush analyst Daniel Ives has raised the Apple stock price target to $170 as the analyst is optimistic about the launch of the new phone.

“In particular we are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this “once in a decade” potential launch,” analyst Daniel Ives said.