Apple's (AAPL) China Number a 'Big Print' Topeka's Brian White Says

December 17, 2012 7:47 AM EST
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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."

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Shares of Apple closed at $509.79 yesterday.

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