Apple's iPhone Share in China Shows Positive Momentum, India Emerges as Rapidly Growing Market: Analyst Says Ahead Of Q3
Portfolio Pulse from Anusuya Lahiri
Piper Sandler analyst Harsh Kumar has maintained an Overweight rating on Apple Inc (NASDAQ:AAPL) and raised the price target from $180 to $220. Kumar expects Apple to deliver September assumptions that will match or slightly exceed street expectations, driven by strength in India for iPhone sales offset by general macro weakness in China. He also expects Apple to slightly miss street EPS expectations for June. The analyst believes that Apple's iPhone sales in China will meet internal expectations, but is concerned about sales of other products in the country. India is emerging as a rapidly growing market for Apple, with the company likely to reach a 5% share within the country this year.
July 31, 2023 | 7:23 pm
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POSITIVE IMPACT
Apple's stock may see positive movement due to the raised price target and the company's strong performance in India. However, concerns about sales of other products in China could create some uncertainty.
The raised price target and Overweight rating by Piper Sandler analyst Harsh Kumar indicates a positive outlook for Apple's stock. The company's strong performance in India, a rapidly growing market, is expected to offset any potential weakness in China. However, concerns about sales of other products in China could create some uncertainty, which may impact the stock's performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100