Forget Taylor Swift, Apple (AAPL) Looking Great in China - Cantor Fitzgerald's White
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Cantor Fitzgerald analyst Brian White weighed in on Apple (NASDAQ: AAPL) after all three China-based carriers reported mobile subscriber statistics for the month of May, and total 3G/4G subs in the country grew by 38% YoY.
"Although today's big media story around Apple is Taylor Swift reportedly getting her way regarding royalty payments during a three-month trial period at Apple Music; we believe selling iPhones into China is still where the money is for Apple," White commented.
He added, "Given the 4G expansion in China and rise of the middle class, we continue to believe that Apple's iPhone portfolio is better positioned than ever to benefit from a major upgrade cycle across the country with larger iPhones (i.e., iPhone 6, iPhone 6 Plus) and a growing relationship with China Mobile. During 1Q:15, Apple surpassed Xiaomi to become the #1 vendor in China's smartphone market, with unit shipment market share of 14.7% (vs. 8.7% a year ago) based on estimates from IDC."
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