Apple's (AAPL) iPad Mini Sells Out in Hong Kong as Crowds Go 'Gaga'

December 28, 2012 12:16 PM EST
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Apple's (Nasdaq: AAPL) iPad mini expected to have strong demand in China and Hong Kong, but did sales live up to expectations?

According to Topeka Capital's Brian White, yes. In fact, White says consumers in China and Hong Kong were going "gaga" over the smaller tablet.

White said that checks in the two markets pointed, "to an insatiable appetite in both Hong Kong and China for the iPad mini, leading to further supply constraints in recent days." The iPad mini sold-out in Hong Kong for nearly all versions of the device, while there was still some supply left for the iPad 4. He also thinks that there are stock-outs in China for the iPad mini.

White also noted strong demand for the iPhone 5, but supply has caught up to demand with iPhone 5s available for walk-in customers in both Hong Kong and China.

There were three more stores in China and two more in Hong Kong with this launch, bringing total retail locations to eight and three, respectively.

Apple is down about 0.5 percent Friday afternoon. Topeka has a Buy rating and $1,111 price target on Apple.

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 $515.06 yesterday.

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