Ticonderoga maintains a 'Buy' on Apple (AAPL); What is Apple Cooking Up with China Mobile?
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Price: $446.50 +1.56%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
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Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL).
Ticonderoga analyst says, "We have been closely following the developments between China Mobile (NYSE: CHL)(NotRated) and Apple over the past year, which we believe will ultimately provide Apple with access to the world's largest wireless carrier that represents approximately 68% of the wireless subscriber market in China. Yesterday, the Chinese character version of the online news service Sohu.com reported that Apple's COO, Tim Cook, and colleagues were spotted at China Mobile's headquarters in Beijing. Traveling to China is a major undertaking and we doubt Tim Cook would be visiting China Mobile unless the two companies were getting close to a partnership. Essentially, we believe the data points in recent months foreshadow an accelerated relationship between the two companies and we are inclined to believe that an announcement is imminent over the next several months."
"We believe the ramp of the mobile Internet in China will be one of the great wonders of the tech world over the next decade and the country has clearly caught "Apple fever" that we believe will only accelerate as the company expands it carrier base to include both China Mobile and China Telecom (NYSE: CHA)(NR). The numbers speak for themselves. For example, Apple generated approximately $5 billion in revenue from Greater China during H1FY11 or 10% of sales compared to $3 billion for all of FY10. As the largest mobile phone market in the world, we estimate that the high-end mobile phone market in China represents approximately 100-125 million subscribers or a revenue opportunity of ~$70 billion for Apple. However, we believe the time is right for Apple to unveil a "mini iPhone" to expand its customer base in countries such as China and other developing countries around the world."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $322.61 yesterday, with a 52 week range of $235.56-$364.90.
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Ticonderoga analyst says, "We have been closely following the developments between China Mobile (NYSE: CHL)(NotRated) and Apple over the past year, which we believe will ultimately provide Apple with access to the world's largest wireless carrier that represents approximately 68% of the wireless subscriber market in China. Yesterday, the Chinese character version of the online news service Sohu.com reported that Apple's COO, Tim Cook, and colleagues were spotted at China Mobile's headquarters in Beijing. Traveling to China is a major undertaking and we doubt Tim Cook would be visiting China Mobile unless the two companies were getting close to a partnership. Essentially, we believe the data points in recent months foreshadow an accelerated relationship between the two companies and we are inclined to believe that an announcement is imminent over the next several months."
"We believe the ramp of the mobile Internet in China will be one of the great wonders of the tech world over the next decade and the country has clearly caught "Apple fever" that we believe will only accelerate as the company expands it carrier base to include both China Mobile and China Telecom (NYSE: CHA)(NR). The numbers speak for themselves. For example, Apple generated approximately $5 billion in revenue from Greater China during H1FY11 or 10% of sales compared to $3 billion for all of FY10. As the largest mobile phone market in the world, we estimate that the high-end mobile phone market in China represents approximately 100-125 million subscribers or a revenue opportunity of ~$70 billion for Apple. However, we believe the time is right for Apple to unveil a "mini iPhone" to expand its customer base in countries such as China and other developing countries around the world."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $322.61 yesterday, with a 52 week range of $235.56-$364.90.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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