Goldman Makes a Hot Call That AutoNavi (AMAP) Could Supply Map Data to Apple in China

June 12, 2012 12:54 PM EDT
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Price: $20.90 --0%

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    Up: 30 | Down: 30 | New: 23
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AutoNavi Holdings (NASDAQ: AMAP) is seeing mid-day upside (+7%) following bullish commentary from analysts at Goldman Sachs, which said the company is the possible supplier of Apple's (Nasdaq: AAPL) iOS6 maps in China.

The firm believe AutoNavi could be Apple's iOS6 map data and service supplier in China because: "1) neither Apple nor TomTom have map data/service licenses in China, and would thus need a local partner for its new map and navigation services; 2) our channel check suggests AutoNavi’s maps are already being used in the iOS6 beta version for developers in China; and 3) iOS6 integrates several Chinese elements such as the Baidu (Nasdaq: BIDU) search engine, Sina Weibo (Nasdaq: SINA), Tudou (Nasdaq: TUDO), and Youku (Nasdaq: YOKU)."

Goldman said they believe AutoNavi maps could be another Chinese factor that iOS6 is being introduced at this time. The note that AutoNavi has not commented on Apple's announcement.

The firm maintained a Buy rating and price target of $17.30 on AMAP.

For an analyst ratings summary and ratings history on AutoNavi Holdings click here. For more ratings news on AutoNavi Holdings click here.

Shares of AutoNavi Holdings closed at $11.66 yesterday.

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