Morgan Stanley Is Bullish on India's Growth Potential for Apple, Expects Strong Revenue and User Growth
Portfolio Pulse from Anusuya Lahiri
Morgan Stanley analyst Erik W Woodring has reiterated an Overweight rating on Apple Inc (NASDAQ:AAPL) and raised the price target from $190 to $220. Woodring is bullish on India as an emerging growth driver for Apple, forecasting the country to account for 15% of Apple's revenue growth and 20% of installed base growth over the next five years. Despite India currently accounting for only 2% of Apple's revenue growth, recent investments in brand awareness, local manufacturing, and affordability programs, combined with India's economic boom and growing digitization, are expected to set the stage for India to become Apple's next growth frontier.
July 17, 2023 | 4:27 pm
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Morgan Stanley analyst Erik W Woodring is bullish on Apple's growth in India, raising the price target from $190 to $220. India is expected to account for 15% of Apple's revenue growth and 20% of installed base growth over the next five years.
The bullish outlook from Morgan Stanley's analyst on Apple's growth in India, along with the raised price target, is likely to have a positive impact on Apple's stock in the short term. The analyst's forecast of India accounting for a significant portion of Apple's revenue and installed base growth over the next five years indicates strong growth potential for the company, which could positively influence investor sentiment and drive the stock price up.
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