Apple's (AAPL) China Number a 'Big Print' Topeka's Brian White Says
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Price: $433.26 -0.3%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Topeka Capital's Brian White reiterated his Buy rating and $1,111 price target on Apple (NASDAQ: AAPL) Monday following news that the company sold 2 million iPhone 5 in China during the opening weekend.
"In our view, this represents a big print for Apple and the first time the Company ever issued a post-launch press release for iPhone sales in China," White said. "While the iPhone 5 is selling well in China, there has been growing concern about U.S. demand as Walmart (NYSE: WMT) announced on Friday that it will sell the 16GB iPhone 5 with a 2-year contract at a discounted price of just $127 (vs. $199 at Apple); however, we believe this could prove to be marketing ploy to drive holiday traffic."
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $509.79 yesterday, with a 52 week range of $378.31-$705.07.
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"In our view, this represents a big print for Apple and the first time the Company ever issued a post-launch press release for iPhone sales in China," White said. "While the iPhone 5 is selling well in China, there has been growing concern about U.S. demand as Walmart (NYSE: WMT) announced on Friday that it will sell the 16GB iPhone 5 with a 2-year contract at a discounted price of just $127 (vs. $199 at Apple); however, we believe this could prove to be marketing ploy to drive holiday traffic."
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $509.79 yesterday, with a 52 week range of $378.31-$705.07.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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