Ticonderoga maintains a 'Buy' on Apple (AAPL); What Are China Mobile and Apple Up to Now?
AAPL Hot Sheet
Rating Summary:49 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 6 | New: 17
Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL), PT $450.
Ticonderoga analyst says, "Is China Mobile Starting to Sell the iPhone 4 in Chengdu? Today, the local Chinese character version of the Chengdu Chinese Commercial News reported that the Chengdu China Mobile Retail Store began offering the iPhone 4 16GB version for a prepayment of RMB5,400 and RMB288 per month. Additionally, the article specifically highlights a Chengdu China Mobile advertisement for the iPhone 4 in the Chengdu Commercial Newspaper. This prepayment is RMB480 lower than the China Unicom plan. Recall, China Unicom (NYSE: CHU)(NR) is the only carrier that has an agreement with Apple to sell the iPhone 4, but we have been told that this is not an "exclusive agreement." China Mobile (NYSE: CHL)(NR) has not officially announced an agreement with Apple, and it remains unclear if an agreement is necessary for this type of selling arrangement."
"Apple Well Positioned for Chinese New Year. With the Chinese New Year beginning on February 2, we believe Apple is well positioned to enjoy continued momentum over the holiday in China; however, supply chain constraints remain our biggest concern. During our recent China Tech Tour meetings, we highlighted the iPhone 4 was sold out for two months, and we estimate China Unicom had been unable to fulfill approximately one-third of the iPhone 4 orders. We still believe that China remains in the early stages of catching "Apple fever," and demand for iPhone 4 has been well above the ramp of the iPhone 3GS thus far. During our recent China Tour, various carriers estimated the high-end smartphone market at 100-125 million subscribers, which we believe provides Apple with a significant opportunity for growth in years ahead."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $329.57 yesterday, with a 52 week range of $188.68-$320.18.
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Ticonderoga analyst says, "Is China Mobile Starting to Sell the iPhone 4 in Chengdu? Today, the local Chinese character version of the Chengdu Chinese Commercial News reported that the Chengdu China Mobile Retail Store began offering the iPhone 4 16GB version for a prepayment of RMB5,400 and RMB288 per month. Additionally, the article specifically highlights a Chengdu China Mobile advertisement for the iPhone 4 in the Chengdu Commercial Newspaper. This prepayment is RMB480 lower than the China Unicom plan. Recall, China Unicom (NYSE: CHU)(NR) is the only carrier that has an agreement with Apple to sell the iPhone 4, but we have been told that this is not an "exclusive agreement." China Mobile (NYSE: CHL)(NR) has not officially announced an agreement with Apple, and it remains unclear if an agreement is necessary for this type of selling arrangement."
"Apple Well Positioned for Chinese New Year. With the Chinese New Year beginning on February 2, we believe Apple is well positioned to enjoy continued momentum over the holiday in China; however, supply chain constraints remain our biggest concern. During our recent China Tech Tour meetings, we highlighted the iPhone 4 was sold out for two months, and we estimate China Unicom had been unable to fulfill approximately one-third of the iPhone 4 orders. We still believe that China remains in the early stages of catching "Apple fever," and demand for iPhone 4 has been well above the ramp of the iPhone 3GS thus far. During our recent China Tour, various carriers estimated the high-end smartphone market at 100-125 million subscribers, which we believe provides Apple with a significant opportunity for growth in years ahead."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $329.57 yesterday, with a 52 week range of $188.68-$320.18.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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